etoro agreed Wednesday to acquire Argentina’s LB Finanzas, a deal that would give the trading platform a local base as it positions the country as its hub for expansion across Latin America.
etoro said LB Finanzas combines equity and exchange-traded fund investing, crypto and money market funds with payment features and accounts denominated in Argentine pesos and U.S. dollars. Argentina’s National Securities Commission (CNV) and Central Bank (BCRA) regulate LB Finanzas, which says it has hundreds of thousands of users.
LB Finanzas co-founder and CEO Camilo Cristia said there would be no immediate change for clients. He said the company plans to broaden its products and grow while retaining its current team.
The deal follows other etoro acquisitions and agreements this year. The company completed its purchase of Israeli crypto exchange Bit2C in May, agreed to acquire self-custodial crypto wallet provider Zengo in April and announced an agreement to acquire U.S. brokerage TradeZero in August. Completion of the LB Finanzas transaction depends on standard deal-closing requirements.
