eToro UK doubled its profit last year as trading activity picked up sharply in the final quarter, driven by renewed interest in cryptocurrency markets and heightened political developments that brought retail investors back to the platform.
The fintech reported net profit of $6.0 million for 2024, up from $2.5 million a year earlier, according to financial statements filed with Companies House. Revenue climbed 41% to $177.7 million from $125.7 million in 2023.
"2024 opened with the strongest start for eToro since 2021, driven by renewed optimism amongst retail investors," the company said in its business overview. "Trading activity dipped mid-year due to macro-economic uncertainty, however momentum returned decisively in Q4, boosted by political developments and a strong crypto bull run."
eToro UK’s Revenue Growth Outpaces Expense Increase
Trading commissions, the company's largest revenue source, rose 38% to $145.9 million in 2024 from $106.0 million the prior year. The growth came with higher costs, however, as trading expenses more than doubled to $9.9 million from $4.3 million. Other commissions, which include fees from marketing services and currency conversion charges, jumped 77% to $24.0 million.
Administrative and operating expenses climbed 38% to $171.3 million from $124.3 million. The bulk of that figure consisted of intercompany fees paid to related entities within the eToro group, which totaled $141.8 million, up from $97.7 million in 2023. Staff costs reached $9.0 million, compared with $7.9 million the previous year.
In March 2025, two months before its IPO, eToro released full-year results for the entire group, showing that profits had increased thirteenfold and that cryptocurrency accounted for 38% of commission income. However, the report did not provide a breakdown of revenue by the fintech’s individual subsidiaries.
Related: eToro Shares Drop Widens to 40% Since May IPO
Key Financial Metrics 2024, eToro UK
Financial Metric | 2024 (USD) | 2023 (USD) | Change (%) |
Net Income | 177,712,537 | 125,736,161 | +41.3% |
Trading Commissions | 145,922,232 | 106,021,023 | +37.6% |
Trading Costs | 9,900,590 | 4,268,788 | +131.9% |
Other Commissions | 23,945,997 | 13,501,999 | +77.3% |
Administrative Expenses | 171,302,616 | 124,300,293 | +37.8% |
Operating Profit | 6,409,921 | 1,435,868 | +346.4% |
Net Profit After Tax | 6,036,362 | 2,471,265 | +144.2% |
Balance Sheet Strengthens Amid Market Growth
eToro UK's financial position improved substantially over the year. Cash and cash equivalents more than doubled to $53.2 million from $25.0 million, while total assets grew to $79.8 million from $68.1 million. The company's equity base expanded to $47.8 million from $41.3 million, reflecting both the profit generated during the year and ongoing share-based compensation programs.
Amounts due to related parties increased to $25.8 million from $21.4 million, while receivables from related entities fell sharply to $126,494 from $27.2 million as the company settled intercompany balances.
The firm held $472.1 million in client money as of Dec. 31, up from $320.5 million a year earlier, with most of those funds placed with banks including JPMorgan, J Safra, and BlackRock. Client custody assets under the company's fiduciary care totaled $1.77 billion, largely held through eToro Europe Ltd and Interactive Brokers.
eToro UK operates through execution arrangements with eToro Europe Ltd, a Cyprus-based affiliate regulated by the Cyprus Securities and Exchange Commission, which acts as the primary execution venue for client trades. The UK company serves as prime custodian for clients holding real equity positions.
Balance Sheet Item | 2024 (USD) | 2023 (USD) | Change (%) |
Cash & Equivalents | 53,243,425 | 24,978,632 | +113.2% |
Total Assets | 79,816,022 | 68,107,486 | +17.2% |
Total Equity | 47,790,667 | 41,294,824 | +15.7% |
Client Money Held | 472,101,944 | 320,527,025 | +47.3% |
Client Custody Assets | 1,768,267,787 | - | - |
Recent Platform Developments
eToro has rolled out several product updates over the past two months despite trading near historical lows on Nasdaq since its May listing (NASDAQ: ETOR). The publicly traded fintech has focused on expanding services across multiple jurisdictions to attract new users.
In late September, the company launched cryptocurrency staking for US customers, allowing them to earn monthly rewards on Ethereum, Cardano, and Solana holdings.
Around the same time, eToro partnered with Lean Technologies to enable instant bank transfers in United Arab Emirates dirhams. The integration allows UAE users to link their local bank accounts directly to their eToro accounts, processing deposits within seconds without requiring users to leave the app or manually enter payment details.
About a two weeks earlier, eToro Europe Ltd received regulatory approval to offer crypto asset services directly in Germany under the Markets in Crypto-Assets Regulation (MiCA). Following this approval, all crypto trading for German clients now processes through eToro EU, replacing the previous arrangement that used DLT Finance as an intermediary for trading services on the platform.
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