Global trading and investing platform eToro has announced its agreement to acquire Australian investment app Spaceship in a move aimed at expanding its presence in the Australian market and enhancing its product offerings.
The acquisition, valued at up to $80 million AUD, will allow eToro to integrate Spaceship’s superannuation services into its global portfolio, aligning with the company’s broader strategy of expanding long-term savings options.
The deal will provide eToro users with access to Spaceship’s high-performing superannuation services, including GrowthX, which has delivered an 11% annualised return since its 2017 launch up to August 31, 2024. Spaceship customers, in turn, will gain entry to eToro’s multi-asset platform, which offers a wide range of investment products such as equities, ETFs, commodities, and cryptocurrencies, along with educational resources and tools.
Spaceship, launched in 2017, has grown to over 200,000 clients and manages more than $1.5 billion AUD in funds. The company’s core offerings include superannuation funds under Spaceship Super and professionally managed investment portfolios via Spaceship Voyager.
Yoni Assia, CEO and Co-founder of eToro said: “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. With almost two decades of experience building, innovating and serving clients around the world, I believe that together eToro and Spaceship can take our offering for Australian users to the next level.
“We are expanding our long-term savings and investing proposition for our users globally and this acquisition is a key step on this journey. Our mission is to give people the tools and knowledge they need to grow their wealth. To do this we must continue to build out our offering, so that we can support people throughout their investing lives. We hope that this deal will be the first of many in the long-term savings and investing space as we continue to build out our localised product offering in our key markets.”
Andrew Moore, CEO of Spaceship said: “Joining forces with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and unlocking new opportunities for growth. 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, while continuing to provide top-tier value. Moreover, it offers our customers a promising opportunity to be part of a forward-looking company that aligns with our future ambitions.”
Robert Francis, MD of eToro Australia said: “This is a significant milestone for eToro in Australia and underscores our commitment to growing our presence here. We want to give Australians everything they need to meet their investing goals. By combining Spaceship’s superannuation proposition with eToro’s multi-asset investment offering, we can better support our users throughout their investment journeys. I look forward to working with the Spaceship team.”
Spaceship clients will continue to be served by the Spaceship brand. In the future, Spaceship customers will gain easy access to eToro’s products, investment tools and educational resources, whilst eToro clients will be able to sign up to Spaceship through the eToro app and view their Spaceship funds on their eToro account. This integration will take place gradually.
Founded in 2007, eToro is a trading and investing platform with over 38 million registered users from 75 countries. The company is authorised and supervised by regulatory authorities in jurisdictions around the world including ASIC.
Keep up to date with our stories on LinkedIn, Twitter, Facebook and Instagram.
