At what valuation is Robinhood competitor Webull trying to go public on the NASDAQ using the SPAC merger route?
What are eToro’s new plans for an IPO? What valuation might eToro be looking at right now?
Why is US app-based broker Public.com abandoning its bid to expand into the UK?
Which branding company offered rewards in the form of free Challenges for people who got a tattoo of the company’s logo?
How is BidX Markets rebranded from FCA regulated white label solutions provider?
In what role and with which broker has former FXCM CEO Drew Niv now returned to Retail FX and CFDs?
Some of the most read and commented FX/CFD industry news that appeared in the last seven days on FNG include:
Webull Corporation plans to list on Nasdaq through combination with SK Growth. Webull Corporation, a digital investment platform, and SK Growth Opportunities Corporation (NASDAQ:SKGR), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive business combination agreement. The Proposed Transaction values the combined company at an implied pro forma enterprise value of approximately $7.3 billion. Webull launched in the United States in 2018 and has since expanded to Asia Pacific, Europe and Latin America.
eToro eyes IPO as 2023 revenue stabilizes at $630 million. Israel-based Retail FX and CFDs broker eToro is apparently considering another attempt to go public in 2024, after its previous IPO attempt (via a SPAC merger) was pulled in mid-2022. CNBC said it was shown data from eToro that show eToro bringing in $630 million in revenue in 2023, just a shade below the $631 million in revenue eToro previously reported for 2022.
App-based broker Public.com exits UK online trading market. US app-based online trading broker Public.com is ending its efforts to expand into the UK market. Although the company has not made an official announcement on the matter, London-based news site City AM reports that Public.com has sent an email to its UK registered users (seen by City AM) that the company is suspending its operations. in the UK from 3 May 2024. All UK accounts on Public.com will apparently be closed after April 2024.
The Prop company offers incentives to marketers to get a tattoo of the company’s logo. For those of you in the retail FX and CFDs sector who want to better understand the trading frenzy that has engulfed many of the new generation of online traders – which is becoming a growing source of inbound activity at CFD brokers – here is a great example. (Also, an example perhaps of why MetaQuotes decided to distance itself from the business the support company started!)
Exclusive: BidX Markets Rebrands as Multi-Asset Solutions. Exclusive FNG… FCA-regulated liquidity solutions provider and London-based firm BidX Markets is rebranding as Multi Asset Solutions, FNG has learned. The company has already changed its official corporate name from BidX Markets Limited to Multi Asset Solutions Limited, effective February 28, 2024. We believe that BidX / Multi Asset Solutions will make an official announcement and reveal the new name in the coming days.
Admirals Group sees revenue down 41%, €10m loss in 2023 Estonia-based retail FX and CFDs broker Admirals Group AS has published its preliminary (unaudited) results for 2023, with the company to continue the downward trend of revenues in the second half of the year. After Admirals saw its Revenue collapse by 51% in 1H 2023, the company reported another but milder decline of 6% in 2H 2023. Admirals’ 2H 2023 revenue was 19.9 million euros against 21.1 million euros in the first half of the year. For the full year 2023, Admirals posted revenue of €40.9 million, down 41% from 2022’s €69.0 million.
Top FX industry executive moves reported on FNG this week included:
❑ Drew Niv joins ATFX as Chief Strategy Officer.
❑ Exclusive: Swissquote Cyprus COO Zoltan Nemeth joins ZuluTrade.
❑ Euronext FX appoints Stuart Parris Head of Sales, Managing Director of Wyman Shing Singapore.
❑ Exclusive: ODL founder Lorenzo Naldini steps down from FXCM board.
❑ Exclusive: XTB MENA hires ThinkMarkets executive Khadija Boudlal as Chief Operating Officer.
❑ Inès de Dinechin joins eToro as a Special Advisor.
❑ GCEX hires former FCA partner Ignacio Corral as Compliance Officer.