eToro Records $630M Revenue in 2023, Considers IPO

Fazzaco learned that eToro, Israel-based multi-asset trading and investing platform, generated revenue of $630 million in the full year of 2023, remaining almost flat with $631 million in the prior year.

EBITDA for the year was more than $100 million, representing an impressive margin for a retail brokerage business.

Currently, the broker has 35.5 million registered users, and over 3 million funded accounts. Customer assets under administration in 2023 hit $10 billion.

Looking ahead, eToro is considering an IPO.

"We definitely are eyeing the public markets. I definitely see us becoming eventually a public company," said CEO Yoni Assia. "When is the ideal time to do that? We're always evaluating the right opportunity at the right time and the right market".

Previously, it scrapped plans to go public via merger with the special-purpose acquisition company (SPAC), which would have given the company a valuation of $8.8 billion.

The brokerage firm has formed good relationships with exchanges, including the Nasdaq stock exchange, Assia unveiled.