eToro snaps up portfolio management startup Bullsheet

Stocks and crypto investment platform eToro today announced the acquisition of Bullsheet, a portfolio management startup.

The exact terms of the acquisition were not disclosed, but a person close to the deal said it was worth a few million euros.

Founded by Portuguese cousins Filipe Sommer and João Ramalho Carlos, Bullsheet is a portfolio management tool that gives users of eToro’s investment platform a way to analyse their portfolios.

The cousins became eToro customers in 2020 and developed a following on the platform — drawing on social features that allow prominent investors to share tips, and even to have their trades mirrored by fellow users.

The pair then built Bullsheet exclusively for eToro investors. Now, as part of the product development team, Sommer and Ramalho Carlos will help integrate the software into eToro’s platform. A calendar feature is already live and a tool that gives traders a way to monitor their portfolios outside of market hours is due to launch soon. Additional features include a personalized news feed linked to the assets in a user’s portfolio.

“It’s the wisdom of the crowd in action,” said Yoni Assia, eToro’s co-founder and CEO, in a statement. “We believe there is a power in shared knowledge and that by transforming investing into a group effort we yield better results and become more successful together. João and Filipe share this ethos.”

With headquarters in Tel Aviv, Israel, eToro has been around since 2007, and today counts more than 30 million registered users on its platform.

The company looked set to go public last year, amid the Special Purpose Acquisition Company (SPAC) frenzy, through a merger with Fintech Acquisition Corp. V at a $10.4 billion valuation. But as the market for SPACs cooled, so too did the eToro deal, and it was eventually abandoned in the summer of this year.