J. Safra Sarasin has acquired a 70% stake in Danish fintech Saxo Bank for €1.1 billion, marking its first investment in a fintech and aiming to enhance its client base through technological diversification.
Target Information
J. Safra Sarasin, the private banking and wealth management division of the Safra family based in Switzerland, has acquired a 70% stake in Danish fintech, Saxo Bank. This marks J. Safra Sarasin's first investment in a fintech firm, highlighting a significant strategic shift for the organization. The acquisition was valued at €1.7 billion, resulting in a payment of €1.1 billion for the stake previously held by Geely Financials Denmark, while the remainder continues to be held by founder Kim Fournais.
Saxo Bank, founded in 1992 in Copenhagen, is recognized for launching one of the first online trading platforms in Europe. The bank operates profitably and has evolved its service offerings significantly over the years. Presently, it boasts a client base of 1.3 million and provides access to 71,000 financial instruments, managing a total of $118 billion in client assets.
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Industry Overview
The fintech sector, particularly in Denmark, has seen considerable growth in recent years. The increasing importance of technology in personal and institutional finance has accelerated innovation and competition a
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J. Safra Sarasin
invested in
Saxo Bank
in 2023
in a Buyout deal
Disclosed details
Transaction Size: $1,184M
Enterprise Value: $1,842M
Equity Value: $1,184M