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eToro Expands Footprint in Australia with Acquisition of Spaceship

eToro has announced its acquisition of Australian investment app Spaceship, marking a step in its strategy to enhance its market presence in Australia. The deal is going to broaden eToro’s product offerings by incorporating superannuation into its portfolio, thereby expanding its global long-term savings proposition.

While the exact financial terms of the transaction remain undisclosed, sources suggest that the deal could be valued at “up to $80 million AUD” (approximately USD $55 million). This suggests that eToro may have made a substantial upfront payment, with additional performance-based incentives tied to business milestones potentially elevating the deal’s total worth.

eToro Expands Footprint in Australia with Acquisition of Spaceship

Since its inception in 2017, Spaceship has garnered a robust client base of over 200,000 and surpassed $1.5 billion AUD in funds under management. The app’s core offerings include a selection of superannuation funds, known as Spaceship Super, alongside professionally managed investment portfolios offered through Spaceship Voyager. Notably, Spaceship’s GrowthX super fund has recorded an impressive annualized performance of 11% since its launch.

Yoni Assia, CEO and Co-founder of eToro expressed enthusiasm about the acquisition, stating, “Spaceship and eToro share the goal of making investing accessible for everyone. Like us, they look to the future, and we are excited to welcome their team and clients to the eToro family. With almost two decades of experience building, innovating, and serving clients around the world, I believe that together, eToro and Spaceship can take our offering for Australian users to the next level.

“We are expanding our long-term savings and investing proposition for our users globally, and this acquisition is a key step in this journey. Our mission is to give people the tools and knowledge they need to grow their wealth. To do this, we must continue to build out our offering so that we can support people throughout their investing lives. We hope that this deal will be the first of many in the long-term savings and investing space as we continue to build out our localized product offering in our key markets.”

Also, as part of the integration process, Spaceship clients will continue to receive services under the Spaceship brand. In the coming months, they will gain seamless access to eToro’s multi-asset investment platform, which includes equities, ETFs, commodities, and crypto. This collaboration is going to roll out gradually, enhancing the investment experience for users of both platforms.

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