eToro, a global investment platform, has announced its acquisition of Australian investing app Spaceship for a deal valued at up to AUD 80 million ($55 million). The move is aimed at strengthening eToro’s presence in Australia and expanding its long-term savings offerings worldwide. Spaceship, which was founded in 2017, currently serves over 200,000 clients and manages more than AUD 1.5 billion ($1 billion) in assets.
Yoni Assia, CEO and co-founder of eToro, expressed the shared goal of both companies to make investing accessible for everyone. He emphasized that this acquisition is a vital step in expanding their long-term savings and investing proposition globally. Additionally, eToro intends to make further acquisitions in the long-term savings and investing space.
Following the acquisition, Spaceship will continue to operate under its own brand. The collaboration will enable Spaceship clients to access eToro’s investment tools and educational resources, while eToro users will gain access to Spaceship’s superannuation and managed funds.
Andrew Moore, CEO of Spaceship, sees this partnership as a significant opportunity for growth and expansion, aligning with the goal of making investing accessible to all. The deal is still subject to regulatory approvals and customary closing conditions. However, the financial terms have not been disclosed beyond the potential maximum value of AUD 80 million (up to $55 million).