Dutch online bank BinckBank has acquired local robo-advisory startup Pritle in a stock-cash deal valued at €12.5m.
Pritle allows users to define and track financial operations through automatic portfolio re-balancing and personalised recommendations. The firm operates in The Netherlands, Belgium, Austria and Switzerland.
BinckBank chairman Vincent Germyns said: “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."
BinckBank has paid €7.5m in cash and €5m in shares as part of the deal. Pritle’s employs 28 staff and has 6,500 customers with about €60m in assets.
Pritle CEO and founder Thomas Bunnik said: “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."