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eToro Enters Future Fifty: UK Govt Business Support Scheme

eToro, the Forex broker based in Cyprus, has managed to obtain a place in Future Fifty, a scheme supported by the UK government. 

 
Do not jump to conclusions about the financial status of the broker, as the program is targeted not at ailing, but at fast developing tech-related businesses which would like to benefit from “concierge-style” support: including mentoring services, export assistance and even strategic consultation. The broker said that it had applied for the scheme mainly because it would like to make use of the expertise that Tech City UK – the organization behind the program, has to offer. Let's remind you that eToro's headquarters is in Cyprus, but in May the company obtained a license from the UK Financial Conduct Authority (FCA) and voiced plans to open an office in London. Joining the Future Fifty is a major step in propelling the growth of eToro's UK business.
 
The Future Fifty includes 25 companies selected in October and 25 companies selected last week, with all of them being at the helm of the tech sector. By the way, the list does not include only companies based in the City or the UK. Amid the aims of the initiative is making the companies known to investors so that they attract funding to expand their business further, One such major achievement was announced a week ago, as Datasift, a UK social data company said it had managed to attract GBP 42 million (USD 68.6m) of investment from US company Insight Venture Partners. Hence, the scheme is working and it remains to see whether eToro will manage to make use of it properly.
 
What the UK government expects is that the supported business will in its turn spur the tech sector development in the City – bringing jobs and long-craved contributions to the UK gross domestic product. 
 
More interestingly, the bets are on for which will be the next Forex business to join the scheme – it could be one of the Forex brokers that have been increasingly flocking to the UK to set up premises or a social Forex trading network. What is certain is that eToro made an important breakthrough move and pioneers deserve respect.
TAGS: uk forex  etoro  etoro forex broker  etoro openbook  uk government  forex support  tech city uk  uk forex market  future fifty  business growth  business support  etoro uk 

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