Saxo Bank Acquired BinckBank

Fresh from the press: https://www.home.saxo/binckbank-saxobank

We are pleased to announce that we have completed our acquisition of BinckBank after securing regulatory approval. BinckBank is a leading Dutch bank headquartered in Amsterdam, with more than 630,000 clients across Europe.

Binck’s strong fintech heritage and shared desire to empower investors made it a natural fit for the Saxo Bank Group. By joining forces, we gain scale, which will enable us to continue to invest heavily in our digital client experience, expand our product offering and deliver more relevant and intuitive platforms and services.

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Those minimum commissions though :wink: @m

Will be interested to see whether this brings Saxo Bank more in line with where the world of finance is going.

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Those minimum commissions though :wink: @m

I know, right :wink:

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@m there seem to be a few Fintechs buying banks!

Raisin for example was the first Fintech to acquire a bank, MHB Bank in Germany - this is still subject to final approval by BaFin & the ECB but quite amazing they started in 2013 have grown to a position where they’ve acquired this bank.

Likewise, UK Fintech Jaja just acquire Bank of Ireland’s credit card business.

Banks may have trillions of dollars in assets but they took a significantly long time to get there and their growth is declining in a lot of respects. An interesting article on this below:

Fintech’s are scaling much faster comparatively. It’s going to be interesting to watch as this unfolds, particularly if you own shares in banks.

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Yeah there’s been a few cases, including Tandem acquired Harrods Bank which was a very interesting move.

Seems to be going well for them. As they are now looking at ways to disrupt the mortgage industry.

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Thanks for sharing @saf and welcome to the community!

I personally think that was a great move by them. I can’t speak for the UK market exactly as I’ve never purchased property there but the mortgage market is in need of a big disruption in Australia for sure. I imagine it’s a similar story in the UK.

I’m really excited to see how the world of banking changes further over the next few years as fintechs take over, 5 years ago we barely new what a digital bank was. Today it’s really all I personally use apart from my main savings account…(still not quite 100% confident to put my life savings into the likes of Revolut or Monzo just yet! Although I am getting there :slight_smile:)

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@saf Welcome to the community! :wave: Thanks for sharing and agreed, it’s an interesting move.

The mortgage industry globally really needs to be disrupted! Interesting move they’re going to crowd create their mortgage offer in 2020 - definitely a welcomed approach to better this industry.

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You might be interested in a specialist buy-to-let mortgage lender: https://landbay.co.uk/
They seem to be doing well, having raised on Seedrs many times and becoming a great success story.

Tandem was hyped up when they raised on Seedrs in 2016. Let’s just say that those investors aren’t the happiest today.

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LandBay has done well.

Tandem seems to be recovering, sure there was a 90-something percent down round but since then they’ve launched a well received credit card, and are looking at other innovations.

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Landbay looks interesting, their timeline is impressive for a relatively new company.

Unfortunate for the early Tandem investors, I guess the positive is that they’re still in operation and from reading online it seems that they’re starting to make some decent moves and achievements as @saf mentioned.

I think mortgages are a good move to give them a point of difference since the other digital banks haven’t made that move yet. Although I’m sure it’s only a matter of time.

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