eToro snaps up options trading start-up Gatsby
Social investing platform eToro has signed a definitive agreement to acquire options trading platform Gatsby for $50 million, subject to regulatory approvals.
Founded in 2018, Gatsby is a commission-free options and stock trading app targeting young investors.
eToro says the acquisition is a “key step” to help diversify its offering to US users, which is currently focused on crypto and stocks.
“The internet has democratised financial information and a sea change has taken place, empowering more everyday investors – particularly Gen Z and millennials – to trade and invest. These retail investors are looking for opportunities to generate returns in today’s bear market,” says Yoni Assia, eToro CEO and co-founder.
“Scaling our US business is a strategic focus for eToro and through Gatsby we can provide US users with access to a safe and simple way to trade options, which we know are particularly attractive in challenging markets.”
Last month, eToro called off its proposed SPAC merger with FinTech Acquisition Corp V in a mutual decision.