Social investment network eToro today announced that it has raised $27 million in an equity round led by Chinese venture capital firm Ping An Ventures, a VC under Ping An Insurance (Group) Company of China, Ltd., the largest non-state owned integrated financial services conglomerate in China and SBT Venture Capital, a fintech focused fund whose main partner is Russia's largest bank.
eToro's previous investors, Spark Capital and BRM Group also participated in the round. The new financing also includes a credit facility from Silicon Valley Bank.
eToro is the world's largest social investment network, with 4 million registered users in more than 140 countries, with thousands of new accounts opened each day. eToro is leading a social trading revolution through its social investment network, which enables every investor to see, follow and automatically copy the actions of other investors in real time.
This new financing and strategic investment will enable eToro to accelerate its rapid growth, generate opportunities for expansion into new regions including China and Russia and fast track the roll out of its product roadmap.
eToro co-founder and CEO Yoni Assia said, "We're very excited to have two of the largest financial institutions in the world join our company as partners. We look forward to leveraging their deep industry knowledge and expertise with our disruptive vision and product. We share a vision to empower retail investors all over the world to trade and invest in a social and transparent way, and we're proud to partner with 2 of the largest financial institutions in the world to lead this revolution."
Ping An Ventures director Jiang Zhang said, "We are extremely impressed with eToro's vision and the way its social investment platform enables access to global markets while connecting people from across the world. We are confident that this partnership will enable eToro to quickly expand its network in the fast-growing China market."
Published by Globes [online], Israel business news - www.globes-online.com - on December 10, 2014
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