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FinTech Acquisition Corp. V (NASDAQ: FTCV) will dissolve and liquidate due to not completing a business combination by December 9, 2022. The company will redeem its Class A common stock at approximately $10.08 per share. Following liquidation, Public Shares will be regarded as canceled, entitling holders only to the redemption amount. The trust account will be liquidated, and proceeds will be distributed excluding $100,000 for dissolution expenses. Sponsors have waived redemption rights for Class B shares, and warrants will expire worthless. Nasdaq plans to delist the securities shortly after.
FinTech Acquisition Corp. V (NASDAQ: FTCV) and eToro Group Ltd announced the termination of their merger agreement due to unmet closing conditions. Originally proposed in March 2021, the merger could not be completed by the June 30, 2022 deadline. Despite this setback, eToro maintains a strong business position, ending Q2 2022 with approximately 2.7 million funded accounts, a 12% increase compared to the previous year. Both parties will not incur termination fees.
eToro Group Ltd reported robust financial results for Q4 2021, with total commissions reaching
eToro Group Ltd reported third quarter 2021 results, showing total commissions of $222 million, a 66% increase year-over-year. Net trading income reached $176 million, up 56%, with strong engagement from retail investors. The user base grew by 1.6 million to 24.8 million total registered users, and there were 2.14 million funded accounts, up 152%. Despite these gains, the company incurred a net loss of $98 million due to stock-based compensation and transaction costs related to its merger with FTCV. AUA increased to $10.6 billion.
eToro Group Ltd reported strong second quarter 2021 results with total commissions of $362 million, a 125% increase year-over-year. The platform added 2.6 million new registered users, marking a 121% rise from Q2 2020. Net trading income reached $291 million, up 136%, while assets under administration stood at $9.4 billion. Despite a negative net income of $89 million due to stock-based compensation and transaction costs related to the FTCV merger, eToro remains focused on growth with a 158% year-over-year increase in funded accounts.
eToro Group Ltd reported strong Q1 2021 financial results, marked by a remarkable 214% increase in new registered users, totaling 3.1 million. The company achieved $347 million in total commissions, a 141% rise year-over-year, while net trading income surged 72% to $269 million. As of March 31, 2021, eToro's assets under administration reached $8.4 billion. Despite this growth, eToro’s adjusted EBITDA fell to $30 million, down 57% compared to Q1 2020, and net income dropped 91% to $5 million, reflecting heavy investments in marketing and product expansion.
eToro Group Ltd. will participate in the Morgan Stanley Virtual Financials, Payments and CRE Conference from June 14-16, 2021. CEO Yoni Assia will host a fireside chat on June 16 at 3:30 p.m. ET, with a live audio webcast accessible to the public. This follows the announcement on March 16, 2021, of eToro's business combination agreement with FinTech Acquisition Corp. V (NASDAQ:FTCV), set to take the company public. eToro is a multi-asset investment platform, founded in 2007, with over 20 million registered users, focusing on democratizing trading and investment.
eToro Group Ltd. announced key Q1 2021 performance indicators, showcasing robust growth as it prepares for a business combination with FinTech Acquisition Corp. V (FTV). The company registered 3.1 million new users, up 214% from Q1 2020, and executed 210 million trades, a 233% increase year-over-year. Enhancements include the addition of seven cryptoassets and plans for the eToro Money app in the U.K. and E.U. The firm’s CEO highlighted a strong retail investor engagement trend.
eToro Group Ltd. has submitted a draft registration statement to the SEC regarding its business combination with FinTech Acquisition Corp. V (FTV). The transaction is subject to customary closing conditions, including approval from FTV’s stockholders. The finalization is expected after SEC review, targeting the third quarter of 2021. eToro, founded in 2007, is a multi-asset investment platform with over 20 million registered users. FinTech Acquisition Corp. V raised $250 million in its 2020 IPO and focuses on financial technology investments.
eToro Group Ltd. and FinTech Acquisition Corp. V have announced a definitive business combination agreement, aiming for a public listing on NASDAQ. The transaction implies an equity value of approximately $10.4 billion for eToro. In 2020, eToro added over 5 million registered users and generated $605 million in gross revenues, reflecting a 147% year-over-year growth. The business combination will include a $650 million private placement from notable investors. eToro is positioned to benefit from the rise in digital wealth platforms and mainstream crypto adoption.
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