eToro, a social trading network, unveiled it succeeded in raising $100 million in a Series E financing round led by Chinese, Korean and Japanese investors.
The funding round was led by China Minsheng Financial, and other participants were SBI Group, Korea Investment Partners and World Wide Invest.
Where will the funds go?
The funds raised will be used for various blockchain ventures, expansion to new markets and further development of eToro’s social trading platform.
In eight funding rounds, the social trading provider has raised around $162 million. The company, which advanced significantly after adding cryptocurrencies to its trading platform is now valued at $800 million. This is not the first time eToro has raised outside capital, as the company raised $27 million from China’s Ping An and Russia’s Sberbank in December 2014.
“eToro was built with the vision of democratizing financial markets by making trading and investing accessible to all. Since launching, we’ve seen strong customer demand for our approach and today’s announcement is an important milestone in marking the success that we’ve had and signalling a new period of growth and expansion for our business,” said Yoni Assia, CEO and founder of eToro.
He added that this round of investment will be critical in helping them to further develop their technology infrastructure to support rapid growth that they have recently experienced.
Established in 2007, eToro is known as one of the fastest-growing and most successful brokerages operating currently across the globe.
The brokers employs more than 500 workers and has more than 9 million registered users. The company offers hundreds of CFDs on currencies, stocks, indices, and commodities.
Etoro provides three ways to access the markets – by manually investing in more than 1,500 instruments across six different asset classes, by automatically copying the trades of other traders and by using their CopyFunds to access unique investment portfolios.