eToro and FinTech V Agree to Terminate Merger Agreement

Fazzaco learned that eToro, the global leader in social trading, and FinTech Acquisition Corp. V (FinTech V), a publicly-traded special purpose acquisition company, have reached mutual agreement recently to terminate previously announced agreement and plan of merger, with immediate effect.

The proposed merger was initially announced in last March, according to the official press release. It was conditioned on the satisfaction of certain closing conditions, including relating to eToro's registration statement, within the timeframe outlined by the merger agreement and as extended by the merger agreement amendment. Whereas, despite both parties' best efforts, such conditions were not satisfied within such time frame and the parties were unable to close the transaction by the deadline of June 30, 2022.

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"eToro continues to be the leading global social investment platform, with a proven track record of growth and strong momentum. Although we are disappointed that the transaction has been rendered impracticable due to circumstances outside of either party's control, we wish Yoni (eToro CEO) and his talented team continued success," Betsy Cohen, Chairman of FinTech V stated.

Yoni Assia, Co-founder and CEO of eToro, noted: "We would like to thank Betsy and the entire FinTech V team for their hard work, diligence and support throughout this process. While this may not be the outcome that we hoped for when we started this process, eToro's underlying business remains healthy, our balance sheet is strong and will continue to balance future growth with profitability."

Neither party will be required to pay the other a termination fee due to the mutual decision to terminate the Merger Agreement.

Shortly before, Fazzzaco reported that eToro planned to take certain cost reduction actions associated with its business, including 6% of workforce reduction​.