eToro Acquires Australian Investment Platform Spaceship in Deal Valued Up to $55 Million

**eToro Acquires Australian Investment Platform Spaceship in Deal Valued Up to $55 Million**

In a strategic move to expand its global footprint and enhance its product offerings, eToro, a leading social trading and multi-asset investment platform, has announced the acquisition of Australian investment platform Spaceship. The deal, valued at up to $55 million, marks a significant milestone for both companies and highlights the growing consolidation in the fintech and investment sectors.

### **Overview of the Acquisition**

The acquisition of Spaceship by eToro is part of the latter’s broader strategy to strengthen its presence in the Asia-Pacific (APAC) region, particularly in Australia, where the demand for digital investment platforms has been on the rise. The deal, which is expected to close in the coming months, will see eToro integrate Spaceship’s technology, customer base, and investment products into its existing platform.

Spaceship, founded in 2016, has gained popularity in Australia for its user-friendly mobile app and innovative approach to investment. The platform primarily targets younger investors, offering a range of managed funds with a focus on technology and innovation-driven companies. Spaceship’s flagship product, the “Spaceship Voyager,” allows users to invest in diversified portfolios with low fees and no minimum investment requirements, making it an attractive option for millennials and first-time investors.

### **eToro’s Global Expansion Strategy**

eToro, founded in 2007, has grown into one of the world’s largest social trading platforms, with over 30 million registered users across more than 100 countries. The platform allows users to trade a wide range of assets, including stocks, cryptocurrencies, commodities, and ETFs, while also offering a unique “CopyTrader” feature that enables users to replicate the trades of successful investors.

The acquisition of Spaceship aligns with eToro’s long-term vision of democratizing access to financial markets and empowering retail investors. By acquiring Spaceship, eToro aims to tap into the growing Australian market, which has seen a surge in retail investing activity, particularly among younger generations. The deal also provides eToro with an opportunity to diversify its product offerings and enhance its managed portfolio services.

Yoni Assia, CEO and co-founder of eToro, commented on the acquisition, stating, “We are excited to welcome Spaceship to the eToro family. This acquisition is a key step in our mission to make investing accessible to everyone, everywhere. Spaceship has built a strong brand and loyal customer base in Australia, and we look forward to leveraging their expertise to further expand our presence in the region.”

### **What the Acquisition Means for Spaceship Users**

For Spaceship’s existing users, the acquisition is expected to bring several benefits. eToro’s global reach and extensive product offerings will provide Spaceship users with access to a wider range of investment opportunities, including international stocks, cryptocurrencies, and other asset classes. Additionally, eToro’s social trading features, such as the ability to follow and copy the trades of experienced investors, will offer Spaceship users new ways to engage with the platform and enhance their investment strategies.

Spaceship’s CEO, Andrew Moore, expressed optimism about the acquisition, stating, “Joining forces with eToro is a fantastic opportunity for Spaceship and our users. eToro’s global platform and innovative features will allow us to offer even more value to our customers, while staying true to our mission of helping Australians build wealth through investing.”

While the integration process is expected to take some time, both companies have assured users that there will be no immediate changes to their accounts or investment portfolios. Over time, however, Spaceship users can expect to see new features and investment options as the two platforms merge their offerings.

### **The Growing Trend of Fintech Consolidation**

The acquisition of Spaceship by eToro is part of a broader trend of consolidation in the fintech and investment sectors. As competition intensifies and customer expectations evolve, many fintech companies are seeking to expand their capabilities through mergers and acquisitions. This trend is particularly evident in the digital investment space, where platforms are looking to differentiate themselves by offering a wider range of products, better user experiences, and more advanced technology.

In recent years, eToro has been actively pursuing acquisitions to bolster its growth. In 2021, the company acquired Delta, a cryptocurrency portfolio tracking app, and in 2022, it acquired Gatsby, a U.S.-based options trading platform. These acquisitions have allowed eToro to expand its product offerings and enhance its position as a leading global investment platform.

The acquisition of Spaceship also reflects the increasing importance of the APAC region in the global fintech landscape. Australia, in particular, has seen a surge in retail investing activity, driven by factors such as low interest rates, the rise of digital platforms, and increased financial literacy among younger generations. By acquiring Spaceship, eToro is positioning itself to capitalize on this growing market and further solidify its presence in the region.

### **Conclusion**

eToro’s acquisition of Spaceship represents

• Source Link: https://zephyrnet.com/etoro-acquires-australian-investing-app-spaceship-for-up-to-55-million/