Social trading broker eToro has disclosed that Commerzbank’s corporate venture capital subsidiary, CommerzVentures, is the firm’s latest investor, joining Chinese Ping An and Russian Sberbank, which invested in eToro at the end of 2014. The three venture groups have together invested $39 million the Series D round financing of eToro, which includes a $10 million credit line from Silicon Valley Bank.
For CommerzVentures, the investment in eToro is the firm’s first since launching the fund six months ago. Commenting on the investment, Stefan Tirtey, Co-Managing Director of CommerzVentures stated “At CommerzVentures we want to work with the best entrepreneurs who can articulate why they can dominate a given market segment. eToro is a perfect fit as it has firmly established itself as the leader in social trading and as it is run by ambitious and very talented management.”
Stay Prepared With VPS from InstaForexGo to article >>
In relation to using the funds, eToro’s Yoni Assia stated in the broker’s public release that the financing will assist in scaling globally, as well as pushing forward their upcoming new platform launch and recently unveiled Popular Investors program.
When announcing funding from Ping An and Sberbank, eToro related that it would also be working with those firms to help boost their presence in China and Russia. In relation to a potential business partnership with Commerzbank, eToro has yet to disclose an operational collaboration parallel to the expectations of their association with Ping An and Sberbank.