Dutch online discount broker BinckBank has acquired robo-advisory startup Pritle for EUR12.5 million.
BinckBank says the acquisition provides the momentum for the firm to expand its digital wealth management activities and geographic reach.
Founded by former ABN Amro executive Thomas Bunnick, Pritle helps users to define and track their financial operations through automatic portfolio re-balancing and personalised recommendations.
In 2015, the firm acquired Fundix, the broadest funds supermarket and largest independent online wealth manager in The Netherlands. In 2016 Pritle launched its services in Belgium, Switzerland and Austria.
Pritle has 6,500 customers with approximately €60 million in assets and a team of 28 employees who will transfer to BinckBank upon closing.