eToro, the global multi-asset investment platform, has recently announced its acquisition of Spaceship, an Australian investing app.
eToro has entered into an agreement to acquire Spaceship, an Australian investing app. This acquisition marks a significant milestone for eToro and demonstrates its commitment to enhancing its product offerings for Australian users.
Spaceship is an Australian investing app that launched in 2017. Since its inception, it has acquired over 200,000 clients and surpassed 1.5 billion, Aussie dollars or AUD, in funds under management.
Spaceship offers two core products:
- Spaceship Super, a superannuation or pension funds service, and
- Spaceship Voyager, its range of professionally managed investment portfolios.
The acquisition aligns with eToro’s goal of making investing accessible to everyone. By adding Spaceship’s superannuation and managed fund propositions to its multi-asset investment offering, eToro aims to better support both new and existing users in Australia, helping them to meet their long-term investing goals.
Yoni Assia, CEO and Co-founder of eToro, said about the acquisition.
“Spaceship and eToro share the goal of making investing accessible for everyone. Like us, they look to the future and we are excited to welcome their team and their clients into the eToro family. We are expanding our long-term savings and investing proposition for our users globally and this acquisition is a key step on this journey.”
While Spaceship’s CEO, Andrew Moore, said:
“Joining forces with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and unlocking new opportunities for growth”
He added
“We’re deeply aligned with eToro’s goal of making investing accessible for everyone, and this partnership will enable us to reach new heights as we expand our product offering to customers”
There will be no immediate impact on eToro users in Australia. However, in the future, eToro plans to integrate the Spaceship and eToro user experiences, thereby giving eToro users easier access to a wider range of products and services.
This acquisition could lead to potential benefits for investors including:
- A more comprehensive range of investment options for eToro’s Australian clients
- Improved tools and services to aid long-term investing
- The potential to access Spaceship’s superannuation and managed fund offerings, directly from the eToro platform.
This move indicates that eToro is committed to expanding its presence in the Australian market, while remaining focused on enhancing its long-term savings and investing propositions globally, by providing users with the tools and knowledge to grow their wealth.
It’s not clear if Spaceship will continue as a separate brand. However, eToro has mentioned integrating the user experiences, suggesting some level of merger between the two platforms is likely in the future.
This acquisition represents a significant step for both eToro and Spaceship, and it has the potential to help reshape the investment landscape for Australia’s retail investors.
What does the investorspherelook like?
Australia is well served with multiasset and margin trading brokers, many of whom will be familiar to a UK audience.
For example, Pepperstone is headquartered in Melbourne, whilst CMC Markets operates one of the largest stockbroking businesses in the region. having bought out its partner in the business ANZ Bank. CMC paid AUD 25.00 million for the bank’s share of the operation back in 2021. City Index, IG Group and Plus 500 also all have Australian operations and they compete with local brokers such as Eight Cap and Fusion Markets.
The regulatory landscape in Australia differs from that in the UK and Europe. For example, it’s possible for Australian retail traders to deal in cryptocurrency CFDs using leverage of up to 30:1.
Regulation has been tightening in Australia, however, with ASIC banning local brokers from opening accounts for non-Australian clients, to prevent what is known as regulatory arbitrage.
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