eToro announced today (Thursday) it has agreed to acquire Australian investing app Spaceship in a deal valued at up to AUD 80 million ($55 million).
The acquisition aims to bolster eToro’s presence in Australia while expanding its long-term savings offerings globally. Spaceship, founded in 2017, has amassed over 200,000 clients and manages more than AUD 1.5 billion AUD ($1 billion) in assets through its superannuation funds and managed investment portfolios.
Yoni Asia, the CEO of eToro
“Spaceship and eToro share the goal of making investing accessible for everyone,” said Yoni Assia, CEO and co-founder of eToro. “We are expanding our long-term savings and investing proposition for our users globally and this acquisition is a key step on this journey. 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 localised product offering in our key markets.”
The deal marks eToro’s first major move into the long-term savings and investing space, and the company is signaling intentions for further acquisitions in this area. Founded in 2007, eToro currently serves over 38 million registered users across 90 countries.
Following the acquisition, Spaceship will continue to operate under its own brand. The companies plan to integrate their offerings, allowing Spaceship clients access to eToro’s investment tools and educational resources, while eToro users will be able to utilize Spaceship’s superannuation and managed funds.
Andrew Moore, CEO of Spaceship
“Joining forces with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and unlocking new opportunities for growth,” Andrew Moore, CEO of Spaceship, added. “We’re deeply aligned with eToro’s goal of making investing accessible for everyone, and this partnership will enable us to reach new heights as we expand our product offering to customers, while continuing to provide top-tier value. Moreover, it offers our customers a promising opportunity to be part of a forward-looking company that aligns with our future ambitions.”
The acquisition is subject to regulatory approvals and customary closing conditions. Financial terms were not disclosed beyond the maximum potential value of AUD 80 million (up to $55 million).