eToro, which is on its way to becoming a public company with an American SPAC merger, is expecting to close the fourth and final quarter of 2021 with total commissions between $285 million and $295 million.
These latest figures were reported on Thursday to the US Securities and Exchange Commission (SEC ) by eToro’s SPAC merger partner FinTech Acquisition Corp. V (NASDAQ: FTCV).
A Solid Quarter
The anticipated numbers are between 28 to 33 percent higher than the commissions generated by the social trading platform in the third quarter of the year and are even significantly stronger than the $164 million reported in the final quarter of 2020.
However, it is still lower than the revenue it generated in the first two quarters of the ongoing year.
With this, the company is expecting to generate a total commission of around $1.2 billion for the entire year, which is a jump of more than 100 percent from the previous year’s commission of $602 million.
In addition, the filing disclosed that the total registered users on the trading platform will touch 27 million by the end of December 2021, adding 2.1 million new registered users in the fourth quarter alone. This figure shows the growing demand for eToro’s services as it added only 1.6 million new users in Q3 of 2021.
Moreover, the number of funded accounts jumped quarter-over-quarter to approximately 2.4 million.
“Our preliminary fourth quarter 2021 financial metrics show continued strong growth and demonstrate that we are executing very well on our business plan,” the eToro Co-Founder and CEO, Yoni Assia said in a statement.
“Our fourth quarter 2021 preliminary results point to full-year 2021 total commissions of approximately $1.2 billion, representing more than 100% year-over-year growth. We continue to see a strong increase in the number of users engaging with our platform across our global footprint and are very excited for what lies ahead in 2022 and beyond.”
Meanwhile, the deadline to close the eToro merger deal with the American SPAC is approaching, but the company is yet to seal the deal at a shareholders meeting, with chances of extending it further into 2022.
