eToro and FinTech Acquisition Corp. V Terminate Planned Merger

FinTech Acquisition Corp. V, a special purpose acquisition company, and eToro Group Ltd, a social investing network announced Tuesday they have mutually agreed to terminate their plan of merger via a press release. 

The proposed merger, which was initially announced in March 2021, was conditioned on the satisfaction of certain closing conditions, including matters related to eToro’s registration statement and other matters, that were ultimately unsatisfied despite the parties’ best efforts. 

Despite the unsuccessful merger, both companies left the agreement on good terms, with both having only pleasant comments to say about the other. 

“eToro continues to be the leading global social investment platform, with a proven track record of growth and strong momentum,” Betsy Cohen, Chairman of FinTech V said. “Although we are disappointed that the transaction has been rendered impracticable due to circumstances outside of either party’s control, we wish Yoni and his talented team continued success.”

The pleasantries didn’t stop there with Yoni Assia, co-founder and CEO of eToro saying, “We would like to thank Betsy and the entire FinTech V team for their hard work, diligence and support throughout this process.

Assia also noted that despite the merger, their business remains healthy and their balance sheet is strong and will continue to be profitable going forward. At the end of Q2 this year, they had roughly 2.7 million funded accounts, a more than 12% increase since the end of 2021. 

Neither party will be required to pay the other a termination fee. 

Author: Tyler Irvin

Related Articles