Retail FX broker eToro, which is on track to go public at a $10 billion valuation via a SPAC merger later this year, has announced the appointment of Lule Demmissie to the role of US CEO.
In the role, Lule Demmissie will be in charge of creating a strategic business vision for the social trading focused eToro’s entire US business, helping build a customer-centric platform to drive adoption. In addition, Lule will lead eToro’s US operations, including overseeing the company’s expansion and investment within the region, operational infrastructure, marketing, investment thought leadership, corporate governance, and compliance, as well as its regulatory affairs, risk management and social responsibility sectors. Lule will preside over all eToro’s US entities.
Shalom Berkovitz, eToro Group CFO and Deputy CEO, said:
“I am delighted to announce the appointment of Lule Demmissie as eToro’s US CEO. The US 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. Lule brings with her a passion for investor behavior, agile product development and an appreciation of behavioral science and design thinking in shaping user-centric experiences. She is a long-standing advocate for empowering everyone to take control of their financial futures which aligns perfectly with eToro’s global vision. We are excited about the contribution she will make to eToro and look forward to her leading our US business as we scale our product offering for US users.”
Lule Demmissie joins eToro from Ally Invest, where she served as President and oversaw the Ally Invest Securities, Ally Invest Advisors and API business lines. In this role she was responsible for the products and services delivered to Ally Invest’s all-digital client base and shaping the end-to-end client experience as well as management of the P&L and growth strategy for the business.
Lule Demmissie, eToro’s US CEO, added:
“The financial services industry is at a pivotal moment which offers the chance for retail investors to position themselves for success thanks to financial technology. I have spent my career furthering the empowerment of retail investors and championing financial well-being. eToro’s breakthrough blend of innovation in social investing, copy trading, as well as its groundbreaking efforts in digital assets is what drew me to this amazing brand and team. I am excited to work with Guy Hirsch and the US team to continue this mission as US CEO of the world’s leading social investing platform.”
In recognition of establishing and growing the US business and for his expertise and passion for blockchain, Guy Hirsch is promoted to Managing Director US & Global NFT and will take global responsibility for eToro’s forthcoming NFT initiatives. Guy will continue to oversee eToro’s US crypto business, reporting to Lule.
Prior to Ally Invest, Lule Demmissie was the Managing Director of Investment Products & Digital Guidance at TD Ameritrade and has also worked with leading investment firms such as Morgan Stanley, J.P. Morgan, and Merrill Lynch as a product manager, product developer and a financial advisor.
She holds a B.A. in Economics from Smith College, an MBA from Columbia Business School, a CIMA designation from the Investments & Wealth Institute (formerly IMCA) and the 7, 66 and 24 securities licenses.
eToro’s offering in the US launched in 2019 and is currently limited to crypto and copy trading. It has grown considerably over the past year and eToro is excited to expand its product range with the launch of zero commission stocks later this year.
eToro is a multi-asset investment platform that empowers people to grow their knowledge and wealth as part of a global community of successful investors. eToro was founded in 2007 with the vision of opening up the global markets so that everyone can trade and invest in a simple and transparent way. Today, eToro is a global community of more than 23 million registered users who share their investment strategies; and anyone can follow the approaches of those who have been the most successful. Due to the simplicity of the platform users can easily buy, hold, and sell assets, monitor their portfolio in real time, and transact whenever they want.