FinTech: eToro To Acquire Options Trading Platform Gatsby For $50M

August 19, 2022 | FinTech, News, Takeovers and Buyouts

It’s a cash-cum-stock deal.

Social investment network eToro has signed a definitive agreement to acquire options trading platform Gatsby for $50 million. Founded by Co-CEOs and Co-founders Jeff Myers and Ryan Belanger-Saleh in 2018, Gatsby aims for a clientele among younger US investors. (eToro)

Gatsby is a commission-free options and stock trading app that will enable eToro to further scale its US business and garner customers of a younger demographic.

Ryan Belanger-Saleh, Gatsby Co-CEO of Gatsby reminisced that the idea for the startup was born in London and focused on the opportunity to “demystify markets” and open up options trading to a “new generation of US traders.” It has been doing this by making options trading easier and more incentivized by offering rewards on trading.

On eToro Belanger-Saleh added: “We’ve always been huge fans of the social aspects of eToro. They’ve really been the pioneers of social investing and we’ve always thought of them as the cool older sibling we’d love to hang with!”

Options via Gatsby would add to eToro’s current offerings to US customers of crypto and stocks.

“We’ve seen a seismic shift in the balance of power away from traditional finance institutions towards the retail investor. The internet has democratized 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.” said Yoni Assia, eToro CEO and Co-Founder.

According to TechCrunch, eToro applied for regulatory approval to acquire Gatsby in December 2021, and had recently the go-ahead from FINRA, the Financial Industry Regulatory Authority.

Gatsby’s entire 20-member team will move to eToro.

Related Story: Sam Bankman-Fried Of FTX Rejects Rumors He Is Acquiring Robinhood

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