eToro has announced it has agreed to acquire Australian investing app Spaceship as part of its efforts to strengthen the global social trading platform’s footprint in such a key market for the business.
The acquisition of Spaceship, which could be worth up to $80 million AUD, will also broaden eToro’s product offering as the company expands its long-term savings proposition globally.
Spaceship offers superannuation funds and managed portfolios
Spaceship, which boasts more than 200,000 clients and over $1.5 billion AUD in funds under management, features a core offering focused on superannuation funds, which fall under Spaceship Super, and a selection of professionally managed investment portfolios, under Spaceship Voyager.
According to the announcement, Spaceship clients will continue to be served by the Spaceship brand but will have the chance to access eToro’s products, investment tools, and educational resources.
eToro, which is authorized by the Australian Securities and Investments Commission (ASIC), will provide its Australian users with easy access to Spaceship’s superannuation and managed funds.
“We are expanding our long-term savings and investing proposition”
Yoni Assia, CEO and Co-founder of eToro, said: “Spaceship and eToro share the goal of making investing accessible for everyone. Like us, they look to the future and we are excited to welcome their team and their clients into the eToro family. With almost two decades’ of experience building, innovating and serving clients around the world, I believe that together eToro and Spaceship can take our offering for Australian users to the next level.
“We are expanding our long-term savings and investing proposition for our users globally and this acquisition is a key step on this journey. Our mission is to give people the tools and knowledge they need to grow their wealth. To do this we must continue to build out our offering, so that we can support people throughout their investing lives. We hope that this deal will be the first of many in the long-term savings and investing space as we continue to build out our localised product offering in our key markets.”
Andrew Moore, CEO of Spaceship said: “Joining forces with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and unlocking new opportunities for growth. We’re deeply aligned with eToro’s goal of making investing accessible for everyone, and this partnership will enable us to reach new heights as we expand our product offering to customers, while continuing to provide top-tier value. Moreover, it offers our customers a promising opportunity to be part of a forward-looking company that aligns with our future ambitions.”
