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eToro is targeting a $1 billion funding round. The development comes as the social trading and investment network looks to circumvent its stalled attempt to go public.

The firm was looking to list via a merger with blank-check company FinTech Acquisition Corporation V (NASDAQ:FTCV).

Why Is This Happening: After markets took a dive, eToro, like most other brokers, wasn’t able to continue its previous growth trajectory and deliver, as easily, on the required closing conditions for its SPAC deal.

Just yesterday, Benzinga reported, Freetrade’s CEO Adam Dodds on the implications of “the peak of the public markets” and how he was looking to get through “ups and downs” with a debt raise.

“That’s the point of raising these funds," Dodds said.

eToro Hones In On $1B Funding As SPAC Plans Setback