UPDATE 1-EToro to go public through $10.4 bln merger with Betsy Cohen-backed SPAC
Adds investment details
March 16 (Reuters) - EToro, a rival of online brokerage Robinhood, said on Tuesday it had agreed to go public through a merger with a blank-check firm backed by banking entrepreneur Betsy Cohen, valuing the equity of the combined firm at $10.4 billion.
The deal with FinTech Acquisition Corp V FTCV.O, a special purpose acquisition company, will include a $650 million common share private placement from leading investors including Softbank's Vision Fund 2, Fidelity Management & Research Co LLC, and Wellington Management.
Founded in 2007, eToro has 20 million registered users who can manually invest in cryptocurrencies, stocks, commodities, exchange traded funds and more, while those who lack time or experience can automatically copy the trades of others on the platform.
(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Anil D'Silva and Shounak Dasgupta)
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