Social investment platform eToro is strengthening its presence in the US by finalizing a definitive agreement to acquire options trading app Gatsby for approximately $50 million.
eToro filed for regulatory approval with the SEC in December and has now received clearance from FINRA to move forward with the acquisition of Gatsby, a commission-free options and stock trading platform aimed at young users.
Co-CEOs and co-founders Jeff Myers and Ryan Belanger-Saleh will join eToro along with other senior staff members.
According to eToro, this acquisition will diversify its offerings for US users, which are currently concentrated on cryptocurrency and stocks. Yoni Assia, CEO of eToro, stated, “Scaling our US business is a strategic focus for eToro, and through Gatsby, we can provide US users with access to a safe and simple way to trade options, which we know are particularly attractive in challenging markets.”
Last month, eToro terminated its planned $10.4 billion SPAC deal with FinTech Acquisition Corp V. Initially announced in March, this deal was intended to facilitate eToro’s listing on Nasdaq, but the conditions were not satisfied by the June 30 deadline.