eToro demonstrates accelerated growth with latest results
eToro Group Ltd (eToro), a multi-asset investment platform that empowers people to grow their knowledge and wealth as part of a global community of successful investors, has released certain Q1 2021 key performance indicators. This announcement follows the previously announced planned business combination with FinTech Acquisition Corp V (FTV). The company also disclosed audited 2020 financial results.
Yoni Assia, Co-Founder and CEO of eToro, comments: “Last year was characterised by accelerating retail investor engagement. Widespread media coverage of the financial markets and more time to upskill in lockdown encouraged a record number of retail investors to enter the markets via online investment platforms and apps.
“We saw this trend accelerate in 2021, and the first quarter continues eToro’s strong track record of growth. eToro saw a 214 per cent increase in the number of new registrations on the platform compared to the same period in 2020. This means that eToro welcomed 3.1 million new registered users in the first quarter of 2021. This compares to 5.2 million new registered users for the full year of 2020.
“eToro is a multi-asset platform, and we noted rising demand from users for stocks and crypto assets in the first quarter of this year. The number of trades on the platform topped 210 million in Q1, with growth driven predominantly by retail demand for stocks.
“The crypto bull run at the end of 2020 and beginning of 2021 also highlighted a growing trend towards diversification of cryptoassets within retail investor portfolios, with some altcoins increasing in popularity. This year, eToro has added seven new cryptoassets to the platform to support this increased demand for diversification and plans to add more.
“It has been a very strong start to 2021, and eToro remains well positioned to capture a considerable share of a growing global market.”
eToro registered 3.1 million new users in the first quarter of 2021 versus 1 million in the prior-year quarter and 5.2 million for the full year of 2020.
The total number of trades executed on eToro’s platform reached 210 million for the quarter, a 233 per cent increase compared to the first quarter of 2020, driven by strong demand for stocks and cryptoassets.
eToro will publish its full interim Q1 2021 financial reports results in the coming weeks.
eToro plans to launch the eToro Money app and debit card in the UK and EU in 2021. The app will connect directly to users’ eToro investment accounts and enable instant deposits and withdrawals, as well as additional money services.
Added seven new cryptoassets to meet rising customer demand and further enhance asset class diversification.
Dr Hedva Ber, Israel’s former Banking Supervisor, recently joined eToro’s senior leadership team as Global COO and Deputy CEO, alongside Shalom Berkovitz, eToro’s CFO and Deputy CEO, who oversees the company’s global finance teams as well as eToro’s activity in the UK, US, and Asia. Ber will lead eToro's operational infrastructure, corporate governance, compliance and regulatory affairs, legal, risk management and social responsibility efforts.