Yoni Assia, CEO of eToro, shared the platform's plans for an IPO, which has attracted the interest of bankers and investors.
"We are definitely looking at the public markets... We will eventually become a public company," Assia told CNBC.
Previously, eToro had already made attempts to become a public company. In March 2021, it signed an agreement with FinTech Acquisition Corp. to list on a US stock exchange. The value of the merger was initially estimated at $10.4 billion, but was later reduced to $8.8 billion. The deal fell through, however, as the two companies were unable to close before the June 30 deadline due to a number of conditions, including those related to the registration statement.
On the other hand, the company has been putting a lot of energy into its development in an effort to become a publicly traded company. According to Assia's statement, eToro has achieved strong financial results. In 2023, the company had revenues of $630 million and EBITDA reached $100 million, highlighting eToro's financial stability and operational efficiency.
"The question of going public is more a matter of when, not if," emphasized eToro's CEO.
The company has 35.5 million registered users and more than 3 million funded accounts, with its main revenue coming mainly from trading fees.
Additionally, Assia pointed out that the brokerage has good relationships with many exchanges, including Nasdaq.
Yoni Assia also noted eToro's plans for 2024, which are related to the introduction of artificial intelligence and technological innovations in trading. To this end, eToro has acquired Deep, a content automation company.
The CEO of eToro said that the company is already actively using AI in its business, with about 80% of all marketing context, graphics, content, and localization of the platform using artificial intelligence technologies.
Although eToro's journey to become a public company is full of challenges and uncertainties, the platform is showing a willingness to tackle them and achieve its goals.
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