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International investment network eToro is pushing further in a newly regulated FX market by opening an office in Russia. The information has been confirmed to Russian newspaper “Kommersant” by the head of eToro’s Russian operations Pavel Salas.
Some numbers here would be interesting: the investment network envisages to spend $3-4 million this year for marketing purposes in Russia. The new business is set to become profitable in a year and a half, according to company expectations.
At this point, eToro has yet to grow and develop in Russia. Pavel Salas says only 5% of the current users of the network are from Russia. However, he told “Kommersant”, the Russian market holds huge potential and the eToro hopes to raise the size of its clientele in the country soon.
The announcement about the Russian office launch comes on the heels of a series of news about eToro receiving funding from international investors. In November 2014, it became clear that Russia’s Sberbank and China’s Ping An took part in a round of financing that brought eToro $27 million. And in April this year, LeapRate reported about the broker receiving extra $12 million in financing from Commerzbank.
eToro has more than 4 million registered users from 140 countries. The company is amid the leaders in utilizing social networks too, if we consider it has 996,901 likes on Facebook and 62,400 followers on Twitter.