Social trading focused online broker eToro has released its financial results for 2021, indicating that the company continued to grow although at a fairly steep cost.

eToro reported Revenues (or what it calls Total Commissions) of $1.234 billion in 2021, more than double the $602 million it took in during 2020. eToro reported a Net Loss of $265.7 million in 2021, versus a profit of $82.9 million in 2020, as Marketing expenses more than doubled from $229 million to $524 million, and the company saw Personnel related expenses balloon from $37 million to $238.6 million.

eToro ended the year with 2.41 million funded client accounts, up from 1.02 million in 2020. 69% of those were in the UK and EU, with 14% in APAC, 13% in the Americas and 4% MENA. Assets under administration at eToro were $10.7 billion as of December 31, 2021, roughly flat versus September 30, 2021, as continued net deposits were offset by broad market declines in crypto and equity markets.

The second half of 2021 was much slower at eToro in terms of number of trades, as the Meme Stock frenzy and crypto surge drove activity in Q1 and Q2, respectively.

Yoni Assia, CEO and Co-founder of eToro, commented:

“eToro closed 2021 with a strong fourth quarter, generating over $300 million in total commissions. We are extremely proud of our accomplishments in 2021, some of which include growing the eToro network by more than 9 million registered users while more than doubling our funded accounts, adding over 900 Popular Investors and 10 new Smart Portfolios to our investment offering, hiring Lule Demmissie as our U.S. CEO, launching equities investing in the U.S., launching eToro Money in the U.K., and redesigning the eToro application to significantly improve the user experience.

The retail investment landscape continues to evolve at a rapid pace, and we believe eToro is uniquely positioned to provide users with a simple and transparent way to access a broad array of global financial markets. We are very excited for what lies ahead for eToro and our users in the coming years.”

eToro’s financial summary for 2021 follows:

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