eToro Eyes Wealth-Tech Deals and a Banking License After Nasdaq Listing

eToro is hunting for acquisitions. The trading platform, now public on Nasdaq under the ticker ETOR, has entered talks with two wealth-tech firms – one based in the United States – and is weighing whether to pursue a banking license on top of that.

Yoni Assia, eToro's co-founder and CEO, confirmed the ambitions publicly. He wants businesses that can strengthen eToro's wealth management side, and the company has already brought in investment bankers to run those conversations. No names, no deal sizes – eToro hasn't disclosed specifics on either target. The bankers are in place, the discussions are live, and Assia has made clear the U.S. market is a priority. That's not surprising for a company that just went public on Nasdaq and needs a growth story to tell Wall Street every quarter.

eToro is looking hard at traditional payment services. The path there probably runs through a banking license application, an outright bank acquisition, or both – it's unclear yet which route Assia prefers. What's clear is the focus: payments, not lending. That's a deliberate call. Revolut and Nubank have gone deep into credit products. eToro isn't following them there. Payments feel lower-risk, more complementary to a trading platform, and frankly a smarter hedge against the kind of crypto volume swings that can whipsaw quarterly revenue.

Speaking of which – Q1 2026 was a mixed bag.

eToro posted net income of $82 million on revenues of $258 million for the first quarter of 2026. Commodities trading did the heavy lifting, driving the bulk of trading commissions. Crypto volumes, on the other hand, fell. That's a notable shift for a platform that built its early reputation on making crypto accessible to retail investors. It doesn't mean crypto is dead for eToro – not even close – it does mean the company can't rely on digital assets to carry every quarter. Diversification isn't just a buzzword here. It's a financial necessity.

That's basically why the banking and wealth-tech moves make sense right now. When one asset class softens, you want something else picking up the slack.

eToro was founded in 2007. It's done acquisitions before. Earlier this year the company picked up Zengo, a self-custodial crypto wallet provider. That deal fits neatly into the platform's crypto infrastructure, giving users a custody option that doesn't rely on eToro holding the keys. Smart move for a post-FTX world where retail investors are more sensitive about where their assets actually sit.

The wealth-tech targets seem to be a different kind of play – less about crypto plumbing, more about expanding into the broader money-management space. Stocks, crypto, CFDs – eToro already runs a multi-asset platform. Adding wealth management capabilities would push it further up the value chain, closer to the kind of comprehensive fintech provider Assia seems to want to build.

Assia has also been talking about industry consolidation more broadly. His read: not every company that went public recently will survive as an independent entity. Some will get absorbed. eToro, he seems to think, is a buyer in that scenario – not a target. It's a confident stance for a company that itself only recently completed its own public listing, the Q1 numbers give him some basis for that confidence. Eighty-two million in net income is a real number.

The wealth-tech acquisition push is probably the most immediate story to watch. Two live discussions, bankers engaged, a CEO who's clearly telegraphing intent – something could close relatively soon. The banking license question is longer-dated, more complex, and probably won't resolve fast. Regulators move slowly. Applications take time. An acquisition of an existing bank could shortcut that process, finding the right target at the right price adds its own complications.

eToro's platform currently spans stocks, cryptocurrencies, and CFDs across a global user base. The Zengo acquisition added self-custody crypto wallet functionality earlier this year. Two more deals are in active discussion, with investment bankers already at the table.

Net income for Q1 2026: $82 million. Revenue: $258 million.