The German neobank N26, which conducts business in Switzerland as well, was looking to buy something that would let its clients trade stocks and index funds.
That reportedly fell through.
The decision-makers at mobile bank N26 are considering different strategies to handle the traditional stock and ETF business.
The target was to establish a solid foothold in the market within two years, according to a statement made by co-founder and co-CEO Valentin Stalf in October.
Too Pricey?
With N26 terminating talks with Dutch securities trader Bux before a deal could be reached, it appears that the attempt to expand this service through acquisition has failed, according to a report from Germany’s Handelsblatt on Thursday, which cited unnamed sources.
Disagreement over management structure, the cost, and the difficulty of the deal were among the justifications given for the withdrawal.
Bux was reportedly valued at 100 million euros during the negotiations.
Bux claims to serve over 1 million customers and conduct business in eight markets, including the Netherlands, France, and Germany.
It collaborates on trading systems with Dutch bank ABN Amro.
Cooperative cryptography
According to the N26 announcement, Bux declined to comment to the newspaper, saying only that it searches for intriguing businesses that fit its strategic goals but typically does not comment on rumours or speculation.
N26 entered into a cooperation with Viennese crypto startup Bitpanda last fall to allow customers to trade cryptocurrencies.
