eToro has acquired Bullsheet, a provider of portfolio management tools that were designed specifically for its trading app.
Israel-based startup eToro, which claims to have more than 30m registered users, provides an investor programme that Portuguese cousins Filipe Sommer and João Ramalho Carlos joined in 2020. They launched Bullsheet 12 months later.
Bullsheet provides portfolio management tools that enable eToro users to analyse the diversification of their portfolios. This is now being integrated into eToro’s platform with help from Sommer and Carlos, who have joined the product development team.
Speaking about the move, Carlos said: “We are thrilled to have made the transition from eToro users to eToro employees. eToro’s mission is to provide users with the tools they need to grow their knowledge and wealth as part of a global community. We are excited to play our part in ensuring that eToro maintains its reputation for delivering innovative tools that help the retail investor.”
Two tools soon to be launched on the platform are out-of-hours portfolio monitoring and personalised news.
Sommer added: “João and I joined eToro to be part of a community. It was the collaborative mindset of eToro, including the ability to copy other investors that really attracted us to the platform. eToro gave us the ability to interact with millions of investors from around the world.”
Commenting on the acquisition and wisdom of the crowd ethos behind eToro, Yoni Assia, the trading app’s co-founder and chief executive officer, said: “We believe there is a power in shared knowledge and that by transforming investing into a group effort we yield better results and become more successful together. João and Filipe share this ethos.”
This deal is the second acquisition in the space of a few months. eToro signed a definite agreement to buy options trading platform Gatsby in August.
This is on the back of a bumper year in 2021, when its total commissions of $1.23b were up 105% versus full-year 2020.