Global investment platform eToro announced Thursday that it acquired the Australian investing app Spaceship, valued at AU$80 million (around US$55 million).

This acquisition is expected to expand eToro’s presence within Australia’s savings and superannuation sector.

Founded in 2017, Spaceship has attracted over 200,000 clients and manages more than AU$1.5 billion in funds.

eToro, founded in 2007, has over 38 million registered users across 75 countries.