{"id":31555,"date":"2022-07-05T15:23:48","date_gmt":"2022-07-05T19:23:48","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=31555"},"modified":"2022-07-05T15:23:51","modified_gmt":"2022-07-05T19:23:51","slug":"etoro-cancels-10b-spac-merger-with-fintech-v","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/etoro-cancels-10b-spac-merger-with-fintech-v\/","title":{"rendered":"eToro cancels $10B SPAC merger with FinTech V"},"content":{"rendered":"\n
The supposed $10B merger <\/a>between eToro and FinTech V will no longer see the light of the day as the process has been canceled.<\/h5>\n\n\n\n
\"eToro
eToro cancels $10B SPAC merger with FinTech V<\/figcaption><\/figure>\n\n\n\n

FinTech Acquisition Corp. V, a special purpose acquisition company (SPAC), reported on Tuesday that it had reached a bilateral agreement to end its planned takeover of Israeli cryptocurrency exchange eToro. Fintech V chairman Betsy Cohen explained the choice by saying:<\/p>\n\n\n\n

“eToro continues to be the leading global social investment platform\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, with a proven track record of growth and strong momentum. Although we are disappointed that the transaction has been rendered impracticable due to circumstances outside of either party's control, we wish [CEO] Yoni and his talented team continued success.”<\/p><\/blockquote>\n\n\n\n

The two companies disclosed the SPAC buyout was valued at $10 billion last year. However, it looks that eToro has fallen into issues, perhaps as a result of the present bad market in cryptocurrencies, and needs a money infusion to improve its operations. According to reports, eToro is considering raising $800 million to $1 billion in private capital, valued at $5 billion.<\/p>\n\n\n\n

Comparatively, Fintech V has roughly $250 million in cash and is traded on the Nasdaq <\/a>exchange. Fintech V's only objective is to merge with a private firm so that it can “get” public listing status.<\/p>\n\n\n\n

Yoni Assia, co-founder and CEO of Toro, provided the following assurance to the public regarding the condition of eToro's underlying business:<\/p>\n\n\n\n

“Our balance sheet is strong and will continue to balance future growth <\/use><\/svg><\/span><\/a>with profitability. We ended Q2 2022 with approximately 2.7 million funded accounts, an increase of over 12% versus the end of 2021, demonstrating continued customer acquisition and retention rates that have been improving over time.” <\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

The supposed $10B merger between eToro and FinTech V will no longer see the light of the day as the process has been canceled. FinTech Acquisition Corp. V, a special purpose acquisition company (SPAC), reported on Tuesday that it had reached a bilateral agreement to end its planned takeover of Israeli cryptocurrency exchange eToro. Fintech […]<\/p>\n","protected":false},"author":12,"featured_media":31557,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-31555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/07\/image-6.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=31555"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31555\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/31557"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=31555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=31555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=31555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}