Dutch online broker BinckBank has announced the acquisition of local robo-advisory startup Pritle in a €12.5 million deal.
The funds will help BinckBank expand its digital offering and support its European growth ambitions in investment services. BinckBank will pay a purchase price of €12.5 million, of which €7.5 million is in cash and €5 million in shares.
Vincent Germyns, chairman of BinckBank, said: “Together with Pritle, we bring a ‘state of the art’ online portfolio management, platform and a driven entrepreneurial team in-house. The addition of Pritle enhances BrinckBank’s online ‘discretionary portfolio management, with robo-advisory alongside existing discretionary management services. With the acquisition, BinckBank becomes one of the frontrunners in the wealth management industry in Europe.”
Thomas Bunnik, CEO and founder of Pritle, added: “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.”
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