Israeli-founded trading and investment platform eToro has announced that it will acquire Australian investment app Spaceship for AU$80 million, or approximately $55 million.
The acquisition not only strengthens eToro’s footprint in Australia, but also brings superannuation into its portfolio as the company expands its long-term savings proposition globally. Spaceship customers will eventually have access to eToro’s investment multi-asset platform offering stocks, funds, ETFs, commodities and cryptocurrencies.
“Spaceship and eToro share the goal of making investing accessible to everyone,” said Yoni Assia, CEO and co-founder of eToro. “Like us, they are looking to the future and we are excited to welcome their team and clients to the eToro family. Serving clients around the world for nearly 20 years With our experience, we believe that by working together, eToro and Spaceship can take our services to Australian users to the next level.
“We are expanding our long-term savings and investment proposition to users around the world, and this acquisition is an important step in that effort. Our mission is to provide customers with the tools and knowledge they need to grow their wealth. To do this, we need to continue to expand our services to support people throughout their investing lives. We hope the transaction will be a first in the long-term savings and investment space.”
eToro is considering an initial public offering in New York or London, Asia told the Financial Times in March. The company had been looking to go public in 2021 by merging with a blank check company in a $10.4 billion deal, but abandoned the deal a year later.
eToro completed its last funding round in March 2023, raising $250 million at a valuation of $3.5 billion. The inaugural round was led by ION Group and SoftBank’s Vision Fund 2, with participation from Velvet Sea Ventures and a number of other existing investors.
Since its founding in 2017, Spaceship has grown to more than 200,000 customers and more than A$1.5 billion in funds under management. The company’s core services include the selection of superannuation funds, classified as Spaceship Super, and the selection of professionally managed investment portfolios, classified as Spaceship Voyager.
Spaceship CEO Andrew Moore said: “Partnering with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and opening up new growth opportunities.”
