How eToro is Democratizing Finance

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S1 Deep Dive

eToro in one minute

Launched in 2007, eToro began with one simple goal: make investing accessible for everyone, regardless of background, experience, or starting capital.

At the time, investing was dominated by traditional institutions, complex platforms, and high barriers to entry. Retail investors were sidelined by steep fees, intimidating tools, and a lack of education. eToro set out to change that—using technology to level the playing field and put financial markets in the hands of the many, not the few.

Co-founders Yoni and Ronen Assia grew up in a household where market conversations were part of daily life. With a blend of finance, technology, and design skills, they built eToro to simplify investing, empower users, and democratize access to global markets.

The Power of Technology and Community

From the outset, eToro was designed as more than a trading platform—it was built as a social network for investors. CopyTrader, launched in 2010, let users replicate the strategies of top investors, combining trading with collaboration and education.

Today, eToro’s platform supports trading across equities, commodities, currencies, and cryptoassets, while offering educational resources through the eToro Academy. Every feature is designed to empower users to grow their knowledge, diversify their portfolios, and manage risk intelligently.

A Global Movement

By 2024, eToro’s global footprint spanned 75 countries, with a community of over 40 million registered users. What began as a mission to make investing simpler has scaled into a worldwide movement of self-directed, collaborative investors.

Key milestones include early adoption of crypto (pioneering safe, regulated access to bitcoin and other cryptoassets) and a relentless focus on breaking down barriers to global market participation. The platform now enables global investing, instant money management through eToro Money, and new pathways for wealth creation through diversified asset offerings.

As younger generations take control of a historic $83.5 trillion wealth transfer and retail investing continues to grow, eToro is poised to lead.

Its vision remains unchanged: a world where anyone, anywhere, can invest, trade, and build wealth transparently, safely, and collaboratively.

Introduction

Global financial markets have long been recognized as one of the most powerful engines for wealth creation. Historically, however, they remained complex, opaque, and inaccessible to most individuals.

Founded in 2007, eToro was built to change that—delivering a simple, transparent, and collaborative platform where anyone, regardless of background or experience, could trade, invest, and build wealth.

The Results:

• 3.5 million Funded Accounts across 75 countries (as of December 31, 2024)

• $931M in Total Commission for 2024, up 46% year-over-year

• $192M Net Income in 2024, representing 1,161% growth year-over-year

• $304M Adjusted EBITDA for 2024, increasing 159% year-over-year

eToro pioneered the concept of social investing—allowing users to view portfolios, exchange ideas, and replicate the strategies of experienced investors through CopyTrader. The platform merges the best elements of a social network with the functionality of a regulated digital trading platform.

Key Offerings:

• Access to equities, commodities, currencies, and cryptoassets globally

• Educational content through eToro Academy for investors of all experience levels

• Money management tools, including seamless deposits, withdrawals, and local currency trading through eToro Money

• Advanced investment tools such as sophisticated charting, analysis, and extended-hours trading

• The opportunity to earn through the Popular Investor program by building a following within the community

From inception, eToro has focused on integrating finance, technology, and education to democratize access to investing. Early identification and adoption of key trends—including blockchain, social investing, and artificial intelligence—have positioned eToro as a leader in digital wealth management.

Today, a flywheel effect drives the platform’s growth: new and experienced investors engage with educational tools, share knowledge, and participate in a collaborative global investing community built on transparency and trust.

eToro is positioned to expand into new markets, deepen user engagement, and further democratize access to capital markets—building a future where investing is open to all.

History

It was 2007 when two brothers, Yoni and Ronen Assia, decided to challenge the status quo of finance. Inspired by a childhood surrounded by discussions of markets and a belief that investing should not be reserved for the few, they launched eToro—a platform built on one simple idea: make trading and investing accessible to everyone.

At the time, retail investors faced a system designed for institutional players. Complex platforms, high fees, and a lack of transparency locked out millions. eToro set out to change that. Using technology as a lever, the company introduced a user-friendly, intuitive platform that lowered barriers and made participation possible for anyone, anywhere.

In the early days, simplicity and accessibility were the guiding principles. But soon, the vision expanded. Inspired by the rise of social networks, eToro pioneered social investing—allowing users to see portfolios, follow strategies, exchange ideas, and even copy the moves of successful investors through the patented CopyTrader feature. Investing was no longer a solitary pursuit; it became a collaborative experience.

Over the years, eToro evolved into a fully integrated investing ecosystem. Users gained access to equities, commodities, currencies, and cryptoassets—either as underlying assets or derivatives—depending on location and regulation. Additional tools such as eToro Academy, Smart Portfolios, eToro Money, and sophisticated charting analytics fueled deeper engagement and broader access.

The company’s belief in shared knowledge became its engine for growth. Through community interaction, education, and social features, millions of users—from beginners to seasoned investors—learned, invested, and grew together.

The numbers told the story:

• 3.5 million Funded Accounts as of December 31, 2024

• Total Commission of $931M in 2024, a 46% year-over-year increase

• Net Income of $192M in 2024, marking a 1,161% year-over-year surge

• Adjusted EBITDA of $304M, growing 159% year-over-year

Growth was powered by a flywheel: new users joined for access and education, experienced users shared insights and built followings, and together the community reinforced platform engagement and trust.

From its earliest days, eToro was built on three pillars: technology, transparency, and community. Early adoption of trends like blockchain, AI, and social trading positioned the company as a leader in digital finance innovation. Expansion into cryptoassets reflected a deep belief in decentralization and the long-term future of blockchain-based systems.

By 2024, eToro had built a presence across 75 countries, offering localized trading experiences, multilingual support, and region-specific investing tools. A platform born from a simple idea had scaled into a global movement democratizing access to the financial markets.

Looking ahead, eToro continues to focus on expanding into new markets, deepening user engagement, and leveraging new technologies to create a more open, inclusive investing experience.

Built on vision, scaled through community, and driven by relentless innovation—eToro’s journey is only getting started.

Risk factors

eToro has built one of the world’s largest social investing platforms. But growth comes with risks. Market volatility, user behavior, competitive pressure, and regulatory uncertainty all present challenges that could impact future performance.

1. Market Volatility Can Swing Performance
eToro’s business depends on active trading across global markets—including stocks, cryptoassets, currencies, and commodities. But those markets are highly sensitive to economic conditions, political events, and investor sentiment.
Periods of extreme volatility can lead to unpredictable fluctuations in user activity, Funded Accounts, and transaction volumes. In some cases, volatility drives trading surges. In others, it drives users away.
Lower asset prices and compressed spreads also squeeze profitability, as Net Contribution is directly tied to asset values and trading activity.

2. Sudden Market Shocks Are Hard to Manage
Abrupt, erratic market moves—especially in decentralized crypto markets—can create risk management challenges.
While eToro’s systems conduct stress testing and risk analysis, extreme events (“black swans”) may exceed modeled scenarios.
Positions held as principal expose the platform to significant price swings, liquidity vacuums, and counterparty defaults. Technical system failures, discretionary risk tolerance changes, or gaps in policy reassessment could magnify losses.

3. Retaining and Engaging Users Is Critical
User growth and retention drive platform health. But several factors could negatively impact user engagement, including:

• Shifting demand toward competitors or unsupported asset classes

• Regulatory limitations on products or geographies

• Declining platform reliability or customer service standards

• Negative sentiment around cryptoassets or investment losses

• Cybersecurity incidents or perceived privacy concerns

Any sustained drop in engagement could materially impact revenues and growth trajectory.

4. Real-Time Trading Carries Reputational Risk
Because eToro offers real-time services in volatile markets, users are exposed to the risk of sudden losses.
Large price swings, missed trades, or perceived platform failures can quickly erode trust—especially within a socially-driven community.
Negative user experiences, amplified through social sharing, could trigger litigation, regulatory scrutiny, and reputational damage difficult to recover from.

5. Competitive Pressure Is Intensifying
The digital finance space is crowded and growing more competitive by the day. eToro faces pressure from:

• Global fintechs focused on user experience and low fees

• Traditional banks expanding into retail investing

• Crypto exchanges operating with lighter regulation

• Adjacent fintechs entering wealth management and trading

Some competitors have deeper capital reserves, broader brand recognition, and greater pricing flexibility. Others are faster to launch new products or operate with less regulatory friction.

6. New Entrants and Copycats Pose Strategic Risks
Emerging platforms can innovate faster or market more aggressively. Certain exchanges and brokers—especially in crypto—operate under lighter regulatory oversight, allowing them to move quickly and offer riskier products that attract users.
Meanwhile, traditional institutions are adapting too, combining trusted brands with competitive digital offerings.

7. Regulatory Landscape Remains Complex
Operating across 75 countries requires constant navigation of evolving regulatory frameworks. Changes to licensing requirements, tax rules, or restrictions on cryptoassets could limit platform offerings, increase compliance costs, or trigger penalties.
Unclear jurisdictional rules, overlapping regulations, and enforcement trends in crypto markets add further complexity.

8. Technology and Product Innovation Are Essential
The next phase of competition in digital finance will be defined by AI, personalization, and user experience.
Failing to innovate or adapt to changing user expectations could impact eToro’s ability to retain or attract users. Investments in infrastructure, speed, security, and new products are critical to future-proof the platform.

9. Execution Matters More Than Ever
Scale alone is not enough. Execution across user experience, compliance, risk management, and technology must remain world-class.
Any lapse—whether a system outage, regulatory misstep, or major security breach—could have significant consequences for brand trust, user growth, and financial performance.

Market Opportunity

Global investing is undergoing a major transformation—driven by emerging asset classes, rising retail participation, and a shift toward digital, community-driven platforms. eToro sits at the center of this shift, offering mass-market accessibility to a wide and evolving universe of investable assets.

Global Platform, Multi-Asset Access
Across 75 countries, eToro provides users the ability to trade equities, commodities, currencies, and cryptoassets—either as direct holdings or derivatives, depending on asset class and jurisdiction.
Users can invest directly, build Smart Portfolios, or replicate top strategies via CopyTrader, a one-click system enabling portfolio copying with no added cost.
eToro Money, the company’s money management offering, supports seamless deposits, withdrawals, and local currency trading. Sophisticated charting tools, analytics, and educational resources further empower both new and experienced investors.

eToro’s DNA is built around anticipating key market trends and democratizing access.

• 2010: Pioneered social investing with the launch of CopyTrader, inspired by the rise of Facebook and X (formerly Twitter).

• Early 2010s: Among the first EU brokers to offer bitcoin trading, tapping into the emerging cryptoasset revolution.

• 2017: Expanded into thematic investing with the launch of Smart Portfolios, providing retail access to curated investment strategies.

• 2024: Deployed AI across operations, enhancing personalization, customer journeys, and operational efficiencies.

A consistent focus remains: harness innovation to build an intuitive, transparent investing experience for the masses.

Financial growth:

• Net Contribution rose from $557M in 2023 to $787M in 2024 (+42%)

• Total Commission increased from $639M to $931M (+46%)

• Net income soared from $15M to $192M (+1,161%)

• Adjusted EBITDA grew from $117M to $304M (+159%)

Macro Tailwinds: Retail Investing on the Rise
Retail investors are reshaping global capital markets:

• U.S. households held over $20 trillion in retail client assets across 100 million brokerage accounts by 2023 (S&P).

• In the EU, brokerage penetration is projected to rise 72% by 2028, growing from 6.8% to 11.7% adult market participation (Oliver Wyman).

• Younger investors are entering earlier: Gen Z began investing at age 19, compared to age 32 for Gen X.

The largest wealth transfer in history is underway. An estimated $83.5 trillion will shift to younger generations over the next 20-25 years (UBS). Much of this capital is expected to move into the markets, accelerating retail investing demand globally.

Expanding Asset Classes and New Frontiers
Innovation continues to widen the investing landscape:

• ETFs surpassed $12 trillion AUM globally in 2023, with forecasts calling for $20 trillion by 2026 (BlackRock, PwC).

• Cryptoassets reached a $3.5 trillion market capitalization by December 2024, boosted by the SEC’s approval of bitcoin and ether spot ETFs.

• The convergence of traditional finance and crypto is opening new hybrid investment opportunities.

The global investing experience is shifting toward mobile-first, digital-native engagement:

• Consumers now expect instant access, intuitive design, and personalized support as a baseline.

• AI is redefining financial advice: Deloitte predicts AI-enabled applications will become the primary investment tool for 78% of retail investors by 2028.

Platforms with strong user data insights and AI integration capabilities are best positioned to deliver the next generation of personalized financial experiences.

Demand for Trusted Financial Communities
Retail investors are turning to digital communities for financial discourse—but traditional social media lacks transparency, oversight, and regulatory compliance:

• 74% of investors would invest more if better education were available (BNY Mellon, World Economic Forum, 2022).

• Over 60% of U.S. investors under 35 cite social media as their primary investment information source (FINRA).

• Yet 80% of financial content on YouTube is produced by unqualified individuals (Capital One).

A clear gap exists: trusted, community-driven platforms built specifically for investing education and collaboration.

Product

eToro operates a global, multi-asset platform built to democratize investing—combining social collaboration, financial education, and trading across equities, commodities, currencies, and cryptoassets.

The platform is simple, scalable, and differentiated:

• Global footprint: 75 countries, 20 languages, 3.5M funded accounts

• Multi-asset access: Equities, commodities, currencies, cryptoassets

• Integrated ecosystem: Investing, trading, saving, spending, and learning

• Localized experience: Currencies, tax-efficient products, and regulatory licenses tailored by market

eToro is one of the largest retail investing platforms globally, offering a unique combination of trading, education, and community—all built around compliance, transparency, and trust.

Platform Flywheel

eToro’s global network and multi-asset offering drive engagement, while transparency and community collaboration build lasting loyalty.

• More products → More user entry points → Higher engagement

• More engagement → More social interaction → Higher user retention

• More users → More social data → Smarter personalization and education

This creates a self-reinforcing ecosystem: education fuels investing confidence, collaboration drives user success, and success attracts new users.

Global Reach, Local Touch

Built for scale, adapted for local markets:

• 75 countries served with 20 localized platform languages

• GBP and EUR trading through eToro Money with localized tax wrappers like the U.K.'s eToro ISA

• 1.0M+ IBAN accounts to support local deposit, trade, and withdrawal capabilities

• Daily insights from 16 analysts across 12 regions

• Free educational content available in 11 languages via eToro Academy

eToro’s global platform is matched by localized infrastructure, compliance, and market insights—ensuring a seamless experience for diverse users.

Diversified Multi-Asset Access

Users can invest, trade, save, and spend—all from one platform:

• 20 global stock exchanges for equity trading

• Over 110 cryptoassets

• 107 curated Smart Portfolios

• 3,300+ Popular Investors available for copy trading

Investors choose their approach: direct trading, strategy replication through CopyTrader, or diversified investment through Smart Portfolios. Advanced users benefit from sophisticated charting, proxy voting, and extended hours trading.

The broad asset offering makes eToro a platform for all—from first-time investors buying equities to advanced traders building multi-asset strategies.

Financial Flywheel

Revenue diversification underpins business resilience:

• Total Commission sourced from trading, interest income, money management fees, and value-added services

• Historical commission balance across equities, crypto, commodities, and currencies

• Crypto contributed 62% of Total Commission in 2021, but just 17% in 2023—highlighting flexibility across market cycles

• Revenue streams spread across transactions, balances, and subscriptions

The diversified revenue model reduces overexposure to any one asset class or geography, supporting a more stable financial profile.

Trust is foundational:

• Fully licensed by regulators across key jurisdictions: U.K. (FCA), Europe (CySEC), Australia (ASIC), U.S. (FINRA, FinCEN, NYDFS)

• Client funds held with top-tier banks: J.P. Morgan, Deutsche Bank, UBS, and others

• SOC 2 Type II Certification for custody operations

• Segregated custody of client cryptoassets across hot and cold wallet systems

eToro integrates regulatory compliance, secure custody, and user transparency into the core platform experience.

Public user profiles, visible investment histories, and monitored community discourse reinforce a culture of trust, transparency, and accountability.

The future of investing is social, multi-asset, and community-powered.
eToro is building the infrastructure for this shift—combining the breadth of global capital markets with the connectivity of social platforms, underpinned by trust and education.

As markets expand, asset classes evolve, and retail participation accelerates, platforms offering an intuitive, transparent, and collaborative experience will define the next era of investing.

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Business Model

eToro runs a scalable, community-powered platform model that democratizes investing—blending global reach, multi-asset access, and social collaboration to fuel user growth and retention.

Here’s how it works—and why it scales efficiently across markets.

Mass-Market Platform, Multi-Asset Offering

eToro generates revenue by enabling users to invest, trade, save, and spend across equities, commodities, currencies, and cryptoassets.

• Products: Direct trading, CopyTrader, Smart Portfolios, eToro Money

• Asset Classes: Equities, cryptoassets, commodities, currencies

• Localized services: eToro ISA (U.K.), managed funds (Australia), multi-currency support

• New revenue streams: Staking, securities lending, subscriptions

The result is a diversified, sticky platform that serves users from first-time investors to advanced traders—all under one roof.

User Growth Flywheel

eToro’s global reach and community-driven model power a self-reinforcing user acquisition loop:

More users → More engagement and collaboration → Greater brand awareness → Higher user acquisition

• 75 countries, 20 platform languages

• 3.5M funded accounts as of Dec 2024

• Brand awareness: #1 or #2 for trading across seven core markets

• 55% of Funded Accounts engaged socially in 2023 (up from 27% in 2019)

Every new user amplifies community value, creating stronger retention, more trading activity, and higher share of wallet over time.

Asset Growth Flywheel

As users mature on eToro, their assets—and the platform’s value—grow:

User wealth accumulation → More investable assets → Greater platform share → Higher recurring revenues

• Broad multi-asset access increases lifetime value

• eToro Club tiers enhance user loyalty and benefits

• Expansion into long-term savings: superannuation (Australia), local ISAs (U.K.), managed funds

• Upcoming launches: options trading for non-U.S. users in 2025

By serving users’ growing financial needs—from first equity purchases to diversified portfolios—eToro deepens relationships and wallet share.

Global Expansion Flywheel

eToro scales through a proven playbook of organic market entry and strategic acquisitions:

Market entry → Localized product offering → User growth → Local brand leadership

• Recent expansions: UAE (regulated broker license, 2023), Australia (Spaceship acquisition, 2024)

• Next activations: Singapore license (2025), Latin America, Central & Eastern Europe, Nordic markets

• Acquisition track record: Delta (investment tracker), Deep (AI content automation), Marq Millions (payments), Gatsby (options trading), Spaceship (long-term savings)

Each new market strengthens global scale, expands user diversity, and drives multi-asset engagement.

Product Innovation Flywheel

Ongoing product innovation ensures user engagement and platform differentiation:

New features → More engagement → Higher retention → Higher monetization

• Expanded asset coverage: Thousands of global equities via partnerships with London Stock Exchange, Deutsche Börse, and Euronext

• Integrated Smart Portfolios with BlackRock for diversified investment solutions

• Social enhancements: Popular Investors, CopyTrader upgrades

• AI deployment: Personalized investing journeys, better portfolio matching, and smarter content recommendations

Innovation keeps eToro at the forefront of digital brokerage—building trust and engagement with the next generation of investors.

Financial Model

eToro’s revenue model is built for resilience:

• Revenue sources: Trading commissions, interest income, money management fees, subscriptions

• Diversified by geography, asset class, and product type

• No need for heavy physical infrastructure (fully digital platform)

Total Commission growth highlights flexibility:

• 2021: Crypto 62% of Total Commission

• 2023: Crypto 17%, equities and commodities surged

• Net income grew from $15M (2023) to $192M (2024)

The asset-light, multi-revenue stream model enables high operating leverage as user activity scales globally.

Management Team: 

Yoni Assia – Chairman of the Board

Yoni Assia co-founded eToro in 2007 and has served as Chief Executive Officer and Chairman since inception. A pioneer in fintech innovation, Yoni co-authored the Colored Coins whitepaper with Ethereum founder Vitalik Buterin in 2013, laying early groundwork for blockchain applications. Before launching eToro, he was the Co-Founder and Development Manager of video tech startup CDRide. Today, Yoni leads eToro’s global strategy, product vision, and expansion efforts. He also sits on the board of Meitav Dash, one of Israel’s largest investment houses. Yoni holds a BA in Management and Computer Science from the Open University and an MSc in Computer Science from IDC Herzliya.

Meron Shani – Chief Financial Officer

Meron Shani joined eToro in 2019 as Vice President of Finance and was appointed Chief Financial Officer in 2022. He brings over two decades of financial leadership, having previously served as Finance Director at The Stars Group and in senior finance roles at 888 Holdings, where he helped lead the company’s 2005 IPO. A former Senior Associate at PWC Israel, Meron holds a BA in Accounting and Business from The College of Management Tel Aviv and a Master’s of Law from Bar Ilan University. He oversees eToro’s financial strategy, planning, and corporate finance activities.

Dr. Hedva Ber – Global Chief Operating Officer

Dr. Hedva Ber has served as Global COO and Deputy CEO since 2021, driving operational infrastructure, risk management, and governance across eToro’s global platform. A veteran of Israel’s banking sector, she previously served as Israel’s Supervisor of Banks from 2015 to 2020, where she spearheaded digital transformation initiatives. Earlier in her career, she held senior roles at Bank Leumi, including Chief Risk Officer, and represented Israel on the Board of the European Bank for Reconstruction and Development. Dr. Ber holds a BA, MA, and PhD in Economics from the Hebrew University of Jerusalem.

Tuval Chomut – Chief Solutions Officer

Tuval Chomut leads eToro’s Solutions Group, overseeing product development, engineering, security, and technology innovation. Since joining eToro in 2019, he has brought deep expertise from his two-decade tenure at Investment Technology Group, where he served as Global Managing Director and Chief Development Officer. Prior to eToro, Tuval was CEO of Clicktale, a leading experience analytics firm. He holds a BA in Computer Science and Mathematics and an MSc in Computer Science from UCLA, and is instrumental in scaling eToro’s technological backbone for global growth.

Ronen Assia – Executive Director & Co-Founder

Ronen Assia co-founded eToro alongside Yoni Assia and has played a key role in shaping its product vision and user experience. With a background that bridges technology and design, Ronen was instrumental in developing eToro’s intuitive, accessible platform. He continues to serve as Executive Director, focusing on strategic initiatives and innovation. His early contributions helped position eToro as a pioneer of social investing.

Investment

eToro’s rise from a fintech startup to a global multi-asset investing platform has been backed by a series of milestone funding rounds, totaling $423 million across 12 transactions—including early venture rounds, late-stage expansions, debt financings, and an ICO.

Key Highlights

Largest Round:
Series F – $250M (March 21, 2023)
Post-Money Valuation: $3.5B
Lead Investor: Velvet Sea Ventures

Funding Breakdown:

• 3 Early-Stage Rounds (Series A–C)

• 6 Late-Stage Rounds (Series D–F)

• 2 Venture Debt Rounds

• 1 Initial Coin Offering (ICO)

Across its journey, eToro has attracted some of the world's top financial backers, leveraging each funding milestone to expand globally, enhance product offerings, and deepen its brand leadership in retail investing.

Funding Timeline

eToro’s investor base—including early backers like Spark Capital, SoftBank, and Velvet Sea Ventures—brings a unique blend of fintech expertise, growth capital, and global market access, positioning the platform for its next phase of expansion.

Competition

eToro operates in one of the most dynamic and fragmented segments of financial services—retail investing—a sector where user experience, product breadth, and global reach are key battlegrounds.

This market is crowded. Across 75 countries, eToro faces competition from a mix of:

• High-growth fintech platforms

• Tech-driven international brokers

• Traditional retail banks, private banks, and wealth management firms

• Regional exchanges and local investment apps

Despite this intensity, eToro stands out as a top global player with a differentiated offering: a multi-asset platform that combines social collaboration and direct market access across equities, crypto, commodities, currencies, and portfolios.

Unlike many competitors focused on single regions or asset classes, eToro’s competitive edge lies in:

• Breadth of Offering: Direct trading, CopyTrader, Smart Portfolios, crypto access—all through one platform

• Global Footprint: Serving users across 75 countries

• Social Collaboration: A patented social investing experience, unmatched by traditional brokers or pure-play crypto exchanges

This full-stack approach gives eToro broader appeal across different user profiles—from first-time investors to sophisticated traders.

Key Battlegrounds

As competition intensifies, the core arenas include:

• Product Diversity: Offering more asset classes, more trading options (e.g., equities, crypto, derivatives)

• Localization: Delivering localized currencies, tax solutions (like the U.K. ISA), and region-specific products

• User Experience: Fast, intuitive, educational, and socially integrated platforms

• Brand Strength: Trust-building through transparency, regulation, and community-driven engagement

While newer entrants often compete aggressively on cost or niche features, few rivals offer eToro’s combination of social, multi-asset, and global accessibility.

Competitive Moats

eToro’s defensibility rests on several key pillars:

Smaller regional apps often struggle to match this global scale and multi-asset complexity. Meanwhile, crypto-only exchanges face growing regulatory headwinds and lack broader asset offerings.

Competitor Map

Financials

eToro’s Total Commission—its core revenue metric—has shown consistent growth:

• +45.7% YoY growth in Total Commission in 2024, driven by a rebound in crypto trading, strong interest income, and expanded money management services.

• 571 million trades were executed in 2024 (+28% YoY vs. 2023), showing healthy user engagement across asset classes.

  

Profitability Rebound

eToro’s focus on cost control, diversified income, and scale translated into significant profitability gains:

• Adjusted EBITDA:

  • 2022: $(43M) (loss)

  • 2023: $117M (profit)

  • 2024: $304M (profit, +159.3% YoY)

• Net Income:

  • 2022: $(215M)

  • 2023: $15M

  • 2024: $192M

  

Margin expansion was driven by operating leverage, reduced one-time expenses, and growing contributions from interest-bearing products.

Funded Accounts Growth

• 2022: 2.8M

• 2023: 3.0M

• 2024: 3.5M

eToro continues to grow its global user base while increasing the share of multi-asset users—boosting lifetime value per customer.

Assets Under Administration (AUA)

• 2022: $5.8B

• 2023: $9.6B

• 2024: $16.6B

Rising AUA reflects users accumulating wealth on the platform over time, a critical driver for recurring revenues.

Revenue Composition Shift

• Cryptoasset trading rebounded sharply in 2024 (especially Q4), accounting for a significant uplift in commissions.

• Interest income steadily grew, supported by higher rates and larger user cash balances.

• Money management services (eToro Money) posted strong double-digit growth, driven by more deposits, transactions, and debit card use.

This evolution towards multiple high-quality revenue streams strengthens eToro’s financial profile for long-term resilience.

Cash Flow Efficiency

eToro's diversified revenue streams and light infrastructure model mirror a capital-efficient operating approach:

• Total Money Transfers:

  • 2022: $6.9B

  • 2023: $5.5B

  • 2024: $8.7B

• Stable interest-earning assets of $5.4B in 2024 (+25% YoY) help underpin steady cash generation even during slower trading cycles.

Closing thoughts

eToro is emerging as a global leader in social investing—offering a differentiated, multi-asset platform that blends trading, wealth management, and education within one seamless user experience. With 3.5 million Funded Accounts, $16.6 billion in assets under administration, and a Total Commission of $931 million in 2024, eToro is far more than a trading app—it’s a diversified, global financial network built for resilience and long-term growth.

The fundamentals are strong. eToro delivered $192 million in net income and $304 million in Adjusted EBITDA in 2024, fueled by broad-based revenue streams across trading, interest income, and money management. Its platform is global yet localized, its revenue model naturally hedged, and its user base highly engaged—with social features like CopyTrader driving compounding user activity.

This is a platform designed for compounding value. Scale drives network effects. Diversification across assets and geographies stabilizes earnings. And investments in education, community, and new financial products deepen wallet share over time.

The next phase of growth will center on expanding into underpenetrated markets, enhancing premium offerings, and leveraging AI for smarter investing experiences. In a world where platforms must be both resilient and adaptable, eToro’s model, reach, and financial trajectory stand out.

Here is my interview with Palash Soni, the CEO of Goldcast, an AI-powered B2B Video Campaign Platform that transforms marketing by putting video and events at the heart of the customer journey.

In this conversation, Palash and I discuss:

• Can AI fully replace human creativity in video storytelling

• What role do autonomous AI agents play in the future of marketing?

• What is more important: the biggest strength of one founder or the complementary skills of the founding team?

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Tweets of the week

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  And that’s it from me. See you next week.

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