According to a local Israeli publication Calcalis, the fin-tech giant eToro is the latest to classify as “unicorn” earlier this week. eToro, a social trading marketplace, and crypto broker surged in valuation from $800 million to $2.5 billion recently. It is a global fin-tech leader exposing millions of registered users to innovative trading tools. eToro is the latest Israeli company to enter the unicorn club. Founded in 2007, eToro has almost tripled its valuations and aims to increase it further. The platform houses more than 16 million users and has approximately raised $162 from five funding rounds. Also, users can invest in various financial assets like commodities, stocks, and digital assets.
eToro’s game of valuations from crypto broker to “unicorn.”
Per Calcalis, the company experienced an exponential growth amidst the Covid-19 pandemic. The trading volume almost tripled, surging greater volumes in regard to the previous year. Currently, the company holds offices in 10 locations along with about 1000 employees. Due to the increased demand, eToro’s recruitment department has hired more than 300 people beginning this year. Majority of the new recruits primarily belong to Israel.
The increase in valuation was fueled due to a US institutional investor’s instant purchase of shares in a secondary market worth $50M. The unnamed investors acquired shares from the previous employees and investors from U.S markets. eToro’s valuation aims to increase substantial funding from further rounds.
eToro’s latest funding round in 2018 saw participation from various investors, including notable industry leaders like Chemi Peres of Pitango VC, Guy Gamzu, and Ping An, the Chinese insurance company. The funding round was led by China Minsheng Financial, leading to a $100 million raise. Conclusively, with eToro’s ongoing growth dynamics, the firm aims to position itself as a market leader in the Israeli ecosystem and worldwide.
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