eToro Group Ltd. (NASDAQ: ETOR) has entered into an agreement to acquire TradeZero, a US-focused online brokerage, for up to $231 million in a combination of cash and up to 2.5 million newly issued Class A common shares, subject to customary purchase price adjustments.

TradeZero, founded in 2015, operates broker-dealer entities in the US, Canada, the Bahamas, and Europe, offering commission-free stock trading and access to US equities and equity options. The company reported approximately $80 million in revenue with 81% gross margins for the twelve months ended June 30, 2026.

eToro said the transaction is expected to be accretive to adjusted earnings per share in the first year following completion. The deal is subject to regulatory approvals and other customary closing conditions, with closing expected during the first half of 2027.

"Today's announcement is an important step in building our US business," said Yoni Assia, co-founder and chief executive officer of eToro. "TradeZero has built a successful franchise, with differentiated technology, broker-dealer infrastructure and a highly engaged trading community."

Daniel Pipitone, co-founder and chief executive officer of TradeZero, said: "Joining eToro is an exciting next step for our team and our traders. Their global platform and millions of users give us the scale to accelerate innovation."

Jefferies served as exclusive financial adviser to eToro, with Simpson Thacher & Bartlett LLP as lead deal counsel. J.P. Morgan Securities LLC advised TradeZero, with Choate, Hall & Stewart LLP as its lead deal counsel.