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eToro raises $27m to open up financial markets

Investment social network eToro has secured $27m from leading Chinese and Russian venture capital firms.

eToro’s network lets investors see and automatically copy the actions of other investors in real-time. It hopes to open up the financial markets by giving those who don’t know how to invest themselves the opportunity to do so.

The startup has a large proportion of its operations in Canary Wharf’s Level39 incubator, with a portion of the company based in Israel.

Expanding to new markets

The investment from Ping An Ventures and SBT Venture Capital will be used to expand internationally, particularly in China and Russia, where both investors have strong existing roots in the financial markets.

“We look forward to leveraging their deep industry knowledge and expertise with our disruptive vision and product,” said eToro CEO and cofounder Yoni Assia.

Previous investors Spark Capital and BRM Group also participated in the round.

Read more: eToro: We are seeing the dismantling of traditional banks

Strong growth

eToro now has around 4 million registered users in more than 140 countries and the company is seen as one of the startups at the forefront of London’s fintech scene.

Earlier this year, Yoni Assia took home a ‘Superstar’ award at Tech City News‘ International Hall of Fame for his contribution to London’s tech scene.

eToro is also currently a member of Tech City UK’s Future Fifty programme, which is set for a new intake of 10 to 15 startups in the coming weeks.