Ally Invest Vet to Lead eToro’s US Business

Multi-asset trading platform eToro has appointed Lule Demmissie to the new role of CEO of its U.S. operations, the U.K.-based company announced on Thursday.

• Demmissie will be responsible for creating a strategic business vision for eToro’s U.S. business, which the company first launched in 2019.
• “The U.S. market is an essential part of eToro’s trajectory and strategic future and Lule’s unique blend of innovation in fintech, brand expertise and operational excellence is an important addition to the eToro leadership team,” said Shalom Berkovitz, eToro Group’s chief financial officer and deputy CEO.
• Demmissie was previously president of Ally Invest, where she oversaw the Ally Invest Securities, Ally Invest Advisors and API business lines.
• Prior to her time at Ally Invest, Demmissie was the managing director of Investment Products & Digital Guidance at TD Ameritrade, where she worked with investment firms J.P. Morgan, Merrill Lynch and Morgan Stanley.
• eToro said its commissions from crypto trading increased nearly 23-fold in the second quarter to $264.2 million from $11.2 million in the same period last year.
• In May, eToro announced it was going public in a merger with FinTech Acquisition Corp. V, giving them an implied equity value of about $10.4 billion.
• The company says it plans to expand its product range with the launch of zero-commission stock trading later this year.