FTCV - SPAC Fintech Acquisition V gains after confirming deal for eToro

March, 16 2021 08:09 AM FinTech Acquisition Corp. V

Betsy Cohen's SPAC Fintech Acquisition V (FTCV) rose 15% in premarket trading after confirming a deal to take Israeli trading platform eToro (ETORO) public in a transaction valued at $10.4b.The transaction includes commitments for a $650m PIPE from investors including ION Investment, Softbank Vision Fund 2, Third Point, Fidelity Management and Wellington Management. The deal also includes $250m in gross proceeds from FinTech V's cash in trust.The business combination is expected to close in Q3. The company is expected to have an estimated implied equity value of approximately $10.4b at closing, reflecting an implied enterprise value for eToro of approximately $9.6b.In 2020, eToro added over 5m new registered users and generated gross revenues of $605 million. eToro added over 1.2m new registered users and executed more than 75m trades in January 2021.Yesterday, Bloomberg reported that a Fintech deal with eToro was nearing announcement.Recall Dec. 28, Fintech eToro plans to go public, through IPO or

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SPAC Fintech Acquisition V gains after confirming deal for eToro

Company Name:	FinTech Acquisition Corp. V
Stock Symbol:	FTCV
Market:	NASDAQ

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