Dan Moczulski joins eToro as Head of Business Development UK

eToro has appointed Dan Moczulski as Regional Manager and Head of Business Development for the UK and Ireland. The industry veteran is joining the multi-asset investment platform from Star Financial Systems, where he was CEO.

Mr. Moczulski has held numerous leadership roles in the online investment space. At Star, he was brought in as a consultant in September 2013 to advise on focus, sales, and strategy. In January 2014, he was appointed CEO, where he changed the business model from an out-sourced IT department to a SaaS model supporting multiple brokerages. He was also responsible for the sale of Star to AxiCorp.

Prior to Star Financial Systems, he was Business Development Director at London Capital Group, where he ran the retail and institutional sales teams focused on FX and CFD products, as well as spread betting and binaries. From 2010 to 2013, he was the Commercial Director of trading signals platform Zignals.

Mr. Moczulski’s defining move in his FX and CFD career was joining IG Group in 2000, having been there for over 10 years. He joined when the firm had a market cap of £80m and left the firm with a market cap of £2 billion.

At IG Group, he started as a dealer and then moved to Head of Retail Sales, Head of New Business, and Head of Partnerships. He became Global Head of Business Development of retail and institutional.

Shalom Berkovitz, UK Managing Director and Group CFO and Deputy CEO at eToro, commented: “Dan joins us at a pivotal time. eToro is experiencing strong growth adding over 5 million new registered users in 2020 and a further 1.2 million in January 2021 alone. Today, we have over 20 million registered users globally and we continue to see strong demand from retail investors seeking access to the global markets.

“The UK is a key market for us both in terms of users and growth potential, but also as a source of talent. We are delighted to welcome Dan to the team. He will be responsible for leading our growth initiatives as well as overseeing acquisition and retention activities in the UK and Ireland”, Mr. Berkovitz added.

Dan Moczulski, UK Regional Manager and Head of Business Development for eToro, said: “Having spent nearly 20 years in retail investment, I have been both pleased and excited to witness the explosion in retail participation in the markets over the last decade, and particularly the last twelve months. Much like the rest of the world, I remain staggered by the growth of eToro which has been firmly at the front of every innovation in the marketplace; from zero commission and fractional shares, to crypto and social investing. eToro really has been there from the start. I look forward to helping to drive this innovation by bringing a diverse range of businesses and initiatives to eToro’s suite of products and services.”

eToro has recently announced it is going public via SPAC after reaching a deal with SPAC Fintech V with an estimated implied equity value of approximately $10.4 billion. The combined company is expected to be listed on NASDAQ and will hold $800 million net cash on its balance sheet to support future growth.

The transaction includes $250 million in gross proceeds from FinTech V’s cash in trust and $650 million in gross proceeds from a fully committed private placement in public equity (“PIPE”) at $10.00 per share from a number of investors. Existing equity holders will retain 91% ownership.

The firm has taken a number of measures to expand its business to the United States and Asia.