Trading platform eToro buys Gatsby for 50 million US dollars

The popular trading platform eToro has big news to announce. For a price of 50 million US dollars, the Israeli company has now been able to buy Gatsby, a newcomer from the fintech startup sector. This opens up the US market more and more-

eToro has its sights set on the US market

As TechCrunch reported, the purchase plans of eToro were now finally blessed by the responsible US supervisory authority FINRA. Thus, the company from Israel not only succeeds in expanding the eToro brand. On top of that, the trading platform is now set to become more successful, particularly in the USA. Thus, the popular financial services provider remains true to its strategy. After all, the company already bought small western service providers every now and then in the past years in order to grow steadily. Rumor-wise one assumed in the meantime even from a purchase of the platform RobinHood. This was the victim of a cyberattack in November of last year, which caused a sharp drop in value. With Gatsby, eToro has now caught a big fish with a promising concept. Thus, it is primarily aimed at young investors who are interested in uncomplicated trading with shares or ETFs. The success of the app spoke for itself.

The competition for young clientele

Unlike other fintech companies such as Klarna, which has been struggling with a miserable standing on the stock market for several months, Gatsby is considered a flagship startup. Especially in the USA, the platform enjoyed many young customers. According to eToro CEO Yoni Assia, this promising stand in the market should allow the Israeli company to grow even further. Furthermore, the purchase makes it clear that young customers are becoming more and more desirable in the field of trading platforms. The competition between the various service providers has become all the hotter in the meantime. Given the negative headlines that eToro’s competitors are currently writing, the timing could hardly be better. For example, the fintech bank N26 had to deal with serious allegations of money laundering a few months ago.