Israel's investment firm eToro has raised $250 million in a funding round bringing its valuation to $3.5 billion, Reuters reports.
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The firm was backed by ION Group, SoftBank Vision Fund 2, Velvet Sea Ventures and others. It was part of an agreement that the brokerage had entered into when the merger was announced in 2021. eToro CEO, Yoni Assia, told TechCrunch in a commentary that the deal was done in a form of an Advanced Investment Agreement (AIA) back in 2021.
The AIA was part of eToro's plan for going public. However, eToro called off its SPAC merge with FinTech Acquisition Corp, which would value the company at a $10.4 billion valuation. Fintech V Chairman, Betsy Cohen, said the transaction "has been rendered impracticable due to circumstances outside of either party's control."
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