eToro, one of the largest social investment networks in the world, has announced a multi-year deal with CFR 1907 Cluj, a Romanian football club, for eToro to become their main partner.
eToro has been focussing on Romania as one of their main markets over the years and has invested heavily into this market, something that other similar platforms have been reluctant to do so. The terms of this deal have not been announced but it does show that eToro continues to view Romania as an important region for it to grow its business.
Nir Smulewicz, VP Marketing of eToro said: “Romania is an important market for eToro and through this partnership, we hope to raise awareness to more people of the potential to grow their wealth through investing. We will be working with the club to make the financial markets more accessible, to help bring fans closer to the action and educate them on investing in”.
eToro believes that sports is the way to get into the user’s hearts and this is probably why it has been tying up with various sports teams and leagues around the world which includes clubs in the Premier League, Bundesliga, Ligue 1, and others. It has been expanding slowly and steadily across Europe with a specific recent focus on the UK market as well. At the same time, it has also made sure that it continues with its infrastructure partnerships and upgrades to the platform and features so that it can continue to be one of the preferred platforms for the users.
Marius Bilasco, Sports Manager CFR 1907 Cluj said: “We are extremely pleased to announce that as of today, our club is moving to the next level, the CFR family is growing! Just as we have always aimed for first place and have never been satisfied with less, our partners have been and remain the best in their fields. eToro is a brand that needs no introduction, a global brand that has joined the CFR 1907 Cluj project on our way to success!”
The plan for eToro is to use the community that surrounds the team to promote their product, educate them, train them and get them to trade on its platform so that they also start feeling comfortable investing. The platform has a range of instruments that includes FX, CFDs, and cryptos as well. With the growth in popularity of cryptos, it has been adding more cryptos to the platform while at the same time, it is looking to expand into the US as well. The company also plans to do an IPO sometime in 2021 in the US.