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eToro, the formidable social trading broker has raised a whopping $100m to help it expand into China.
As eToro approach their 250,000,000th trade they have China in their sites as the next big social trading market. As such the fund raising was led by China Minsheng Financial and also included SBI Group, Korea Investment Partners, World Wide Invest, plus a few others.
Rothschild (who famously said, “if you want to gamble, own the casino”) were the sole advisor to eToro.
The raise comes shortly after ayondo, (a competing social broker) announced plans to list on the Singapore Stock exchange with a valuation of around $100m. There is a good article on the Motley Fool here with all you need to know about the ayondo IPO. But basically, post IPO ayondo will have a value of around 130m Singaporian Dollars, which is about USD100m.
eToro, have done well recently, taking advantage of the cryptocurrency boom and offering one of the widest crypto trading offerings of all brokers (you can compare cryptocurrency brokers here). Plus allowing their trade leaders to launch crypto funds.
If you’re not familiar with social trading, it basically allows you to copy other traders trades automatically. It’s a bit like a sort of unregulated fund (albeit within in a regulated broker). If you’re a profitable trader you can also earn commission when others sign up to copy your trades.
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Richard started the Good Broker Guide in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.