China Minsheng Financial Leads $100M Series E In Ping An-Backed Social Trading Firm eToro

China Minsheng Financial Holding Co., Ltd., a Hong Kong-based investment holding company, has led a US$100 million series E round in London-based social trading and investment platform eToro to support is blockchain technology development.

SBI Group, Korea Investment Partners, World Wide Invest and other investors also participated in the round, according to an announcement by eToro.

"This round of investment will be critical in helping us to further develop our technology infrastructure to support the rapid growth that we’ve recently experienced," said Yoni Assia, CEO and founder of eToro, "It will also help us to enter new markets, enabling us to bring our social approach to investing to more people around the world, and providing more people with safe and secure access to the markets.

The new investment brings the total capital raised by the company to US$162 million. And the proceeds of this round will be used for its expansion into new markets as well as its continued research and development of blockchain technology and the digitisation of assets.

eToro was founded as RetailFX in 2006 in Tel Aviv by several entrepreneurs. It is a social trading and multi asset brokerage company that offers both short-term options for day traders and long-term options for investors.

In 2014,  eToro raised a US$27 million round from Chinese venture capital firm Ping An Ventures, the venture investment arm under Ping An Insurance (Group) Company of China, Ltd., and SBT Venture Capital.

In 2017, eToro received over US$1 billion in customer deposits and over one million new registrations in the fourth quarter alone. It serves more than nine million users right now, according to the announcement.