BinckBank responds to increasing customer demand by acquiring robo-advisory firm Pritle for €12.5m.
The independent online dutch bank, BinckBank has expanded its digital wealth management offering with the acquisition of Pritle. This move will help it realize its European growth ambitions in investment services.
The addition of Pritle, which operates in The Netherlands, Belgium, Austria and Switzerland, enhances BinckBank's online 'discretionary portfolio management' with robo-advisory alongside existing discretionary management services.
The acquisition makes BinckBank one of the front runners in the wealth management industry in Europe.
Thomas Bunnik, CEO and founder of Pritle said: "After a successful acquisition of Dutch investment firm Fundix N.V. in 2015 and its transformation to Pritle we now join forces with the strong BinckBank.”
“In 2014 we started with the development of our online wealth management service Pritle because we saw an opportunity to create a more accessible and user-friendly wealth management alternative with the use of technology for millions of people across Europe. I'm very proud of the achievements and drive of our international team since the launch of Pritle. This combined with the substantial client base of BinckBank gives us the opportunity to accelerate the expansion of our online wealth management services in Europe."
BinckBank paid €12.5m, of which €7.5m was cash and €5m in shares. Pritle has 6,500 customers with approximately €60m in assets and a team of 28 employees.