eToro sets sights on super in Spaceship acquisition
Global trading and investment platform eToro is tapping into the superannuation sector with the acquisition of Spaceship, in a deal worth as much as $80 million.
eToro has agreed to acquire Spaceship, expanding its local business and suite of offerings. The Spaceship name and brand will remain in place.
Under the deal, eToro will take over ownership of Spaceship Super, which merged to become a sub-plan of OneSuper earlier this year.
It will provide Spaceship users with access to eToro's multi-asset investment platform, covering equities, managed funds, ETFs, commodities, and crypto assets. eToro users will also be able to sign up to Spaceship via the eToro app.
In all, Spaceship is home to about $1.5 billion in funds under management. According to APRA data from March end, about $860 million of this is in superannuation across 21,000 member accounts.
"Joining forces with eToro is a pivotal moment for Spaceship, accelerating our momentum in Australia and unlocking new opportunities for growth," says Spaceship chief executive Andrew Moore.
"We're deeply aligned with eToro's goal of making investing accessible for everyone, and this partnership will enable us to reach new heights as we expand our product offering to customers, while continuing to provide top-tier value.
"Moreover, it offers our customers a promising opportunity to be part of a forward-looking company that aligns with our future ambitions."
eToro managing director, Australia Robert Francis said the acquisition marks a significant milestone for the business in Australia.
"We want to give Australians everything they need to meet their investing goals," he said.
"By combining Spaceship's superannuation proposition with eToro's multi-asset investment offering, we can better support our users throughout their investment journeys. I look forward to working with the Spaceship team."
In FY24, Spaceship's GrowthX investment option returned 19.41% to super members and its Global Index option returned 16.99%.
It was originally a sub-plan of the Tidswell Master Superannuation Plan before merging in May.
It launched in 2017 and, at the time, had a waitlist of roughly 22,000 members that it hoped to convert, estimating this would give it about $1 billion in funds under management.
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