just now
etoro has entered into an agreement to acquire LB Finanzas, an Argentine all-in-one financial app. The company said the acquisition strengthens its footprint in Argentina, which it described as one of the world’s fastest-growing fintech markets, and establishes the country as its regional hub in Latin America. Financial terms were not disclosed.
The company said the deal also reflects its aim of giving people the tools and knowledge to grow their wealth, with a more localised experience for users in Argentina.
Yoni Assia, Co-founder and CEO, etoro
Yoni Assia, Co-founder and CEO, etoro, commented on the deal:
“LB Finanzas and etoro share the same belief: that everyone should have access to the tools and knowledge they need to grow their wealth. By combining LB Finanzas’ local expertise with etoro’s global scale and product offering, we can bring that mission to millions of people across one of the world’s most dynamic regions.
“This acquisition marks an important step in our commitment to building a localised presence in Latin America. LB Finanzas has built a comprehensive, all-in-one financial platform, and joining forces with them will allow us to move faster and go further across the region.”
LB Finanzas is an Argentine all-in-one financial app. Its integrated platform covers investing in equities, ETFs, crypto and money market funds, as well as payment solutions, and offers Argentine peso and US dollar accounts. The company has reported significant growth in its userbase and trading volume, which etoro said reflects rising demand among Argentine retail investors for accessible, all-in-one investment products.
Camilo Cristia, CEO, LB Finanzas
Camilo Cristia, CEO, LB Finanzas, said the business was founded in Rosario eight years ago:
“We started LB Finanzas in Rosario eight years ago with a simple idea: that any Argentine should be able to invest with the same tools people use internationally. Joining etoro lets us take that much further. For our clients, nothing changes today. What comes next is more products and more scale with the same team they already know.”
Tali Salomon, Director for Iberia and Latam, etoro
Tali Salomon, Director for Iberia and Latam, etoro, also commented:
“As someone who grew up in Rosario, I have a close affinity with the LB Finanzas founders and know first-hand the appetite Argentines have for better financial products. This acquisition gives us the platform to meet that demand at scale. Argentina is not just our entry point into Latin America, it is the foundation on which we will build across the entire region. For me, this feels like coming home.”
etoro said there will be no immediate impact on its users in Argentina. In the future, it plans to give users in the country access to a wider range of products and services by integrating the LB Finanzas and etoro experiences.
Found this interesting? Become a member of LiquidityFinder and get daily industry news direct to your inbox, join here.
