The German neobank N26, which is also active in Switzerland, was looking for an acquisition that would allow its customers to trade stocks and index funds. That has reportedly fallen through.
Decision makers at smartphone bank N26 are looking for ways to cover the traditional stock and ETF business. The goal, announced by co-founder and co-CEO Valentin Stalf in October was to gain a strong foothold in the space within two years.
Too Expensive?
Now it seems the attempt to develop this service through acquisition has failed, with N26 ending negotiations with Dutch securities trader Bux before a deal could be struck, Germany's «Handelsblatt» (in German, behind paywall) reported on Thursday, citing anonymous sources.
Reasons cited for the pullout included disagreement over management structure, the price, and the complexity of the deal. During the talks, a valuation of 100 million euros for Bux was reportedly on the table.
Bux, which cooperates with Dutch bank ABN Amro on trading systems, says it serves over 1 million customers and operates in a total of eight markets, including the Netherlands, France, and Germany.
Crypto Cooperation
Bux declined to comment to the newspaper, saying only that it looks for interesting companies that fit its strategic goals, but generally does not comment on rumors or speculation, according to the N26 announcement.
N26 entered into a cooperation with Viennese crypto startup Bitpanda last fall to allow customers to trade cryptocurrencies.
