eToro
“Can a social trading platform become the all-in-one financial OS for retail investors globally — spanning trading, e-money accounts, crypto, and developer APIs — while growing profitably as a public company?”
Founded in 2007 as a forex/CFD trading platform, eToro differentiated through social and copy-trading features that attracted tens of millions of retail investors globally. It expanded into equities, ETFs, and crypto to become a multi-asset broker. In 2022, after a failed SPAC at $10.4B, eToro raised a down-round at $3.5B and simultaneously began building an embedded finance layer — eToro Money — comprising e-money accounts, debit cards, and near-instant SEPA payments powered by OpenPayd and Currencycloud, transforming from a pure brokerage into a broader consumer financial platform. The company listed on NASDAQ in 2025.