eToro to acquire Australian investment app Spaceship for $80 million
eToro to acquire Australian investment app Spaceship for $80 million
eToro, the global trading and investment platform, has announced an agreement to acquire the Australian investment app Spaceship for up to AUD 80 million. The acquisition will strengthen eToro's presence in a key market while expanding its long-term savings product offering on a global scale.
Founded in 2017, Spaceship has attracted over 200,000 clients and manages assets worth more than AUD 1.5 billion, according to RiverineHerald. Its services include superannuation funds under "Spaceship Super" and a range of professionally managed investment portfolios through "Spaceship Voyager."
Yoni Assia, CEO and Co-founder of eToro, expressed his enthusiasm for the acquisition, saying, "Spaceship and eToro share a common goal — to make investing accessible for everyone. Like us, they are forward-thinking, and we are excited to welcome their team and clients into the eToro family. With nearly two decades of experience serving clients around the world, I believe that together, eToro and Spaceship can elevate the offering for our Australian users to the next level."
Assia further emphasized that the acquisition is part of eToro's broader strategy to expand its long-term savings and investment offerings globally. "Our mission is to provide people with the tools and knowledge to grow their wealth. To do this, we must continue expanding our product range to support people throughout their investment journey. We see this deal as a key step and potentially the first of many, as we create localized products in our core markets," he added.
Andrew Moore, CEO of Spaceship, described the acquisition as a significant milestone. "Joining forces with eToro will accelerate our growth in Australia and unlock new opportunities. We are deeply aligned with eToro's vision, and this partnership allows us to expand our product offering while continuing to provide exceptional value to our customers. It also gives our clients the opportunity to be part of a future-focused company that shares our ambitions," said Moore.
The broker emphasized that Spaceship clients will continue to be served under the Spaceship brand. However, they will gain access to a wider range of investment tools, products, and educational resources offered by eToro. Likewise, eToro users will have access to Spaceship's superannuation and managed funds, creating a comprehensive suite of financial products for users in Australia.
Founded in 2007, eToro has grown into a major player in the world of trading and investments, with over 38 million registered users from 90 countries. The platform is regulated by authorities in various jurisdictions, including the Australian Securities and Investments Commission (ASIC).
Read also: XM announces Mega Competition with a $100,000 prize pool
