eToro, a multi-asset social investment network, announced its intent to acquire Gatsby, an options trading platform.
What Happened: In an effort to empower more everyday investors with simple and transparent ways to grow and maintain their wealth, eToro will acquire Gatsby for $50 million in cash and stock.
Founded in 2018 by co-CEOs and co-founders Jeff Myers and Ryan Belanger-Saleh, Gatsby is a commission-free trading app tailored to a newer group of investors.
Together, the two will offer users “access to a safe and simple way to trade options,” which are, traditionally, “attractive in challenging markets,” eToro CEO and co-founder Yoni Assia said.
Why It Matters: Gatsby was formed out of a need to demystify and provide a better means of accessing derivatives markets for new-generation investors.
Post-acquisition, Gatsby, and eToro intend to keep the spirit of the mission intact.
“We’ve always been huge fans of the social aspects of eToro. They’ve really been the pioneers of social investing, and we’ve always thought of them as the cool older sibling we’d love to hang with!,” said Belanger-Saleh. “In terms of product and culture, it’s a great fit and we’re really excited about the next chapter in our shared future.”
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