Multi-asset investment platform eToro has announced its financial results for the year ended December 31, 2021. The broker closed the year very strong, recording $304 million in its total commissions, which represents an 85% increase,

eToro’s Co-Founder and Chief Executive Officer, Yoni Assia, commented on the development.  “eToro closed 2021 with a strong fourth quarter, generating over $300 million in total commissions,” he stated. In addition to the strong performance for the year, the company has also hit $10.7 billion in assets under management.

eToro Adds 9 Million Registered Users Last Year

Assia noted that the firm accomplished a lot of objectives in 2021, especially in revenues and numbers of registered users. eToro grew the network by 9 million registered users last year while its funded accounts more than doubled. Additionally, the investment platform added 10 new Smart portfolios and more than 900 popular investors to its investment offerings.

It also changed its executive board by hiring Lule Demmissie as its Chief Executive Officer for the U.S. market. Other achievements include redesigning the eToro application and launching eToro Money in the UK to significantly improve user experience.

eToro Records A 50% Surge In Net Trading Income

Total operating expenses, which include merger-related expenses and stock-based compensation, grew by 63% to $263 million year-over-year. According to the report, the result was driven by investments and higher marketing expenses.

But net trading income for Q4 2021 reached $237 million, which represents a 50% increase compared to the volume in Q4 2020. The result was driven by a rebound in crypto trading activities as well as strong growth in funded accounts.

Assia noted that as the retail investment landscape keeps exploding, eToro is properly positioned to offer users a transparent and simple way of accessing the wild range of investment products in the global financial market. He added that the firm is looking forward to breaking more grounds in the future by enabling users to have full access and control over different investment choices.