eToro to go public through $10.4-bn SPAC deal backed by SoftBank, others

Online stock brokerage eToro said on Tuesday it will go public through a merger with a blank-check firm backed by banking entrepreneur Betsy Cohen in a $10.4 billion deal, with investment from SoftBank's Vision Fund 2.

EToro competes with Robinhood, which has become hugely popular with young investors for its easy-to-use interface.

Robinhood has emerged as a gateway for amateur traders challenging Wall Street hedge funds.

The deal with FinTech Acquisition Corp V, a special purpose acquisition company, will include a $650 investment from investors including Fidelity Management & Research Co LLC and Wellington Management.

Founded in 2007, eToro has 20 million registered users