Lule Demmissie, formerly president of Ally Invest and, before that, a managing director at TD Ameritrade, is the new U.S. CEO of fintech platform eToro.
eToro is a multi-asset investment platform founded in 2007 with more than 23 million registered users who share their investment strategies and can buy, hold and sell assets, and monitor their portfolios in real time. It launched in the U.S. in 2019 and is limited to crypto and copy trading.
“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,” Demmissie said in a statement. “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.”
Demmissie told Financial Planning that she’s excited about working on copy trading because it brings “the regular person’s expertise to another regular person, rather than just thinking that it's all asset managers that have the keys to the kingdom.”
“I'm hoping to grow their efforts to add socially aware innovation,” Demmissie said. “They've already started. I mean, I'm definitely hopping on the train, and I'm so excited about that.”
Before joining eToro, Demmissie oversaw Ally Invest Securities, Ally Invest Advisors and API businesses. Anand Talwar, deposits and consumer strategy executive for Ally Bank, will oversee both Ally Deposits and Ally Invest going forward.
Demmissie was also previously the managing director of investment products and digital guidance at TD Ameritrade and has worked at Morgan Stanley, J.P. Morgan and Merrill Lynch as a product manager, product developer and as a financial advisor.
Demmissie will lead the strategic business vision for eToro’s U.S. operation, according to a press release, 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.
Shalom Berkovitz, eToro Group chief financial officer and deputy CEO, said: "The U.S. 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."
Demmissie begins her role as CEO on Sept. 7.
