BinckBank acquires FinTech firm Pritle
(Thomson Reuters ONE) -
BinckBank responds to increasing customer demand with robo-advisory
acquisition,accelerating execution of growth strategy.
Amsterdam, 17 March 2017 - With the acquisition of the business activities of
Pritle, BinckBank expands its digital wealth management offering and provides an
impulse toward the realization of its European growth ambitions in investment
services. Pritle operates in The Netherlands, Belgium, Austria and Switzerland.
This footprint is complimentary to the geographic reach of BinckBank. Pritle
offers a unique combination of scalable, state of the art technology combined
with a highly driven start-up culture. Together with the client base of
BinckBank, this formula will accelerate growth within the market of highly
accessible automated portfolio management.
Vincent Germyns, Chairman BinckBank
"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 BinckBank's online 'discretionary portfolio management' with robo-
advisory alongside existing discretionary management services. With the
acquisition, BinckBank becomes one of the front runners in the wealth management
industry in Europe. BinckBank offers its clients an accessible online portfolio
management offering that best suits their risk requirements and allows them to
easily manage financial goals. This fits with our ambition to utilize new and
innovative online solutions, enabling people to realize their financial goals
and aspirations. Pritle is a pioneering example of this. We warmly welcome our
new clients and colleagues."
Thomas Bunnik, CEO and founder of Pritle
"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 accelerated the
expansion of our online wealth management services in Europe."
BinckBank pays a purchase price of ?12.5 million, of which ?7.5 million in cash
and ?5 million in BinckBank shares. Pritle has 6,500 customers with
approximately ?60 million in assets and a team of 28 employees who come over as
employees of BinckBank. After the integration of Pritle, the services will
continue forward under the BinckBank label. CEO and founder Thomas Bunnik will
focus on the expansion of BinckBank's wealth management services across Europe.
Robo-advisory: Innovation in digital wealth management
With Pritle BinckBank enables customers to easily manage their assets online.
The Pritle service is also known as a robo-advisor. Becoming a client takes only
a few minutes and can be done fully online. The client creates a profile, sets a
financial goal, and determines in how much time the goal needs to be realized.
Clients invest for goals such as supplement to their pension, funding the study
of the children, or the realization of other long-cherished dreams. The
technology automatically creates a customized portfolio consisting of cost
efficient, mostly index funds. Portfolios are systematically optimized on a
quarterly basis to meet clients' financial goals, while investment risk is
gradually reduced over time, as a goal nears its completion. Goals may, at any
time, easily be changed and adjusted free of charge.
First Robo-advisory acquisition in continental Europe
After the breakthrough of online brokerage at the beginning of this century,
online wealth management is the second major global trend in the digitization of
improved investment services. "It is a logical development since everybody is
looking for transparent and affordable online services and wants to decide when
to use them", says Bunnik. Venture Capitalists globally invested over 1 billion
euros in the development of these online wealth management services since 2010.
In the United States Future Advisor, JemStep, LearnVest and Honest Dollar have
already been acquired by BlackRock, Invesco, Northwestern Mutual and Goldman
Sachs respectively. The acquisition of Pritle is the first acquisition of a
robo-advisor in continental Europe.
Click here for the full press release:
http://hugin.info/130685/R/2088574/788381.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: BinckBank N.V. via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 17.03.2017 - 07:15 Uhr
Sprache: Deutsch
News-ID 530830
Anzahl Zeichen: 5459
contact information:
Town:
Amsterdam
Kategorie:
Business News
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