The UK Financial Conduct Authority (FCA) regulated social trading brokerage has filed its annual report for 2014 with the U.K. Companies House. The numbers reveal that the company has continued operating in the red and after losing $312,701 in 2013, last year the company added to that a further $878,499.
The figures are consistent with the company increasing its expenditures to deliver new products to the market such as stocks CFDs, which the company introduced in April. In addition eToro has later committed to a sponsorship deal with football club West Ham United, which could have cost the company a substantial investment.
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After securing $27 million in funding from Chinese and Russian investors last year, eToro has continued its efforts to boost its product line and has made a commitment to expand into both emerging markets. Chinese venture capital firm Ping An Ventures, and fintech focused SBT Venture Capital, whose main partner is Russia’s largest bank have pledged some additional funding.
The global growth efforts to which eToro committed are yet to be fully reflected in a publicly available report, due to the company’s structure. In 2014 the UK subsidiary of the social trading brokerage got a capital injection of just over $1 million from its parent company eToro Group Limited.
The UK unit of the firm has only reported administrative and operating expenses totaling to $876,147, which basically leads up to the loss which the company reported after finance expenses.