CommerzVentures, the corporate venturing arm of financial services provider Commerzbank, invested $12m in Cyprus-based social trading platform developer Etoro yesterday, boosting its series D round to $39m.
Etoro raised the $27m first tranche in December 2014 from investors including Ping An Ventures, the corporate venturing unit of insurance company Ping An, SBT Venture Capital, the investment vehicle of financial services firm Sberbank, and venture capital firms Spark Capital and BRM Group.
The original tranche included a $10m credit line from Silicon Valley Bank. Past investors in Etoro, which has now raised approximately $72.9m in total, include Cubit Investments, Social Leverage, Venture51 and a range of angel investors.
Founded in 2007, Etoro’s platform allows anyone to begin investing in currencies, commodities and stock by following other investors and automatically copying their actions in real-time. It has a user-base of four million investors and operates in more than 140 countries.
The latest funding will be used to expand into regions including China and Russia, and to accelerate Etoro’s product roadmap.
Commerzbank launched its corporate venturing subsidiary six months ago. Etoro represents the unit’s first investment in a fintech company.