BinckBank N.V.: BinckBank acquires FinTech firm Pritle

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

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Source: BinckBank N.V. via Globenewswire
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