eToro will close the fourth quarter with approximately $290 million in commission income
EToro, which is on track to go public in the United States through its merger with SPAC, expects to close the fourth quarter of this year with commission income ranging between $285 million and $295 million.
eToro provided this information to the US Securities and Exchange Commission (SEC) through FinTech Acquisition Corp. V, which acts as SPAC. Projected commission income is 28 to 33% higher than the commission generated by the social trading platform in the third quarter of this year, and is also significantly higher than the $164 million achieved in the fourth quarter of 2020.
The number of eToro users is growing
Still, this revenue is lower than that achieved in the first two quarters of this year. Taking into account the data for the fourth quarter, eToro expects to generate a total commission of approximately $1.2 billion throughout 2021, an increase of more than 100% from last year’s commission of $602 million.
The published data also reveals that the total number of registered users on the trading platform by the end of December 2021 will approach 27 million. In the fourth quarter of 2021 alone, 2.1 million new users registered on the platform. This figure shows the growing demand for eToro services, as compared to the third quarter of this year it is higher by 500,000.