The eToro Group made a strategic decision in 2014 to invest in its FCA regulated UK entity, which commenced trading in November 2015 and is on track to break even in 2016, the founder and CEO of eToro Yoni Assia shared with Finance Magnates. The Financial Conduct Authority (FCA) regulated unit of the company has filed with the UK Companies House its report for the full year 2015, which basically outlines the investment of the company into its UK-based unit.
During the year the board of the social trading company voted on an additional capital raise of $550,000. The amount was provided by the firm’s parent company eToro Group Limited. The total amount of ordinary shared capital amounted to $2.6 million.
Commenting exclusively to Finance Magnates, Assia stated: “2016 is going to be a record year for the eToro group globally, with both customer deposits and revenues reaching the highest levels in the company’s history.”
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“In 2015 the Group as a whole continued to make huge strides forward in its international expansion initiatives and has seen much success over the last year. The financial statements of eToro (UK) Ltd during this period are not a fair representation of the group globally but rather a representation of the continued investment in the UK market, cementing our position as the global market leader in social trading,” he elaborated in his statement.
Mr Assia explained that eToro is well on track to reach its internal goals not only in the UK but also in the company’s other significant strategic markets such as Russia and China.
“In the UK alone we have seen a record amount of active customers, deposits and revenue during 2016 and feel that we’re well on course to complete our strategic objectives. We have a great team in the UK and will continue to grow the business,” the founder of the company explained.