Lender Binckbank enters robo-advisory space with Pritle purchase
Online lender and broker Binckbank has entered the robo-advisory space with the $13.5m purchase of Dutch fintech company Pritle. Binckbank, which operates mostly in the Low Countries, will offer Pritle's wealth management products to clients through Amazon's cloud-based Web Service. Users are able to select from 16 funds overseen by seven asset managers. The platform will provide for portfolio tracking and automatic rebalancing. Binckbank hopes to use Pritle as the launchpad for a broader range of online asset management services.

Binckbank (AMS: BINCK), a Dutch-based online bank and broker, is the latest asset management giant to jump onto the robo-advisor bandwagon through the purchase of a digital advice firm. The third-largest online bank in France today acquired Amsterdam-based robo-advisor Pritle for €12.5 million ($13.50 million), of which €7.5 million is in cash and €5 million is in Binckbank shares.

Dutch Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company Pritle is an online wealth manager which helps users to define and track their financial operations through automatic portfolio re-balancing and personalised recommendations. The service is a Cloud Cloud The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc The cloud or cloud computing helps provides data and applications that can be accessed from nearly any location in the world so long as a stable Internet connection exists. Categorized into three cloud services, cloud computing is segmented into Software as a Service (SaaS), Infrastructure as a Service (IaaS), and Platform as a Service (PaaS). In terms of trading, the versatility of the cloud service allows retail traders the ability to test out new trading strategies, backtest pre-existing conc Read this Term-based platform operating on Amazon Web Service. It constructs for its clients a portfolio, which consists of 16 funds provided by seven asset managers.

BinckBank, which has also a significant presence in the Netherlands, Belgium and Italy, said that the acquisition provides the momentum for the firm to expand its digital wealth management activities and geographic reach. As an online broker, BinckBank offers access to all major financial markets worldwide, and supports its customers with online asset management services.

Vincent Germyns, chairman of BinckBank, commented: “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.”