The story
Founded by Kim Fournais and Lars Seier Christensen in 1992, in Copenhagen.1
1990s: Midas Fondsmæglerselskab
Lars Seier Christensen and Kim Fournais formed Midas Fondsmæglerselskab after meeting in London in the early 1990s. Christensen was then a broker for Gerald Metals, while Fournais worked at the now-defunct Lannung Bank. The founders later described their partnership as the meeting of business soulmates. The company's initial capital was approximately $80,000.
In the autumn of 1996, Danish businessman Karsten Ree accused Midas of misleading him into making fictitious investments through its wealth management services.
2000s
In 1997, Midas introduced its first internet-based product, a currency trading platform called MITS, which was later replaced by SaxoTrader. The company rebranded as Saxo Bank, taking its name from the Danish historian Saxo Grammaticus, to avoid confusion with an international Nigerian bank also named Mida. In 2001, Saxo Bank obtained a banking licence. During this period, the company expanded its online business and moved to new headquarters in the Copenhagen suburb of Gentofte.
Saxo Bank began expanding its products and services in Europe in the early 2000s. In 2001, the bank launched its first white-label product in partnership with a Portuguese securities dealer. By September 2004, Saxo had introduced its first U.S. white-label product, and in 2006, it established a regional hub in Singapore.
In September 2007, Saxo Bank acquired its Swiss white-label client Synthesis Bank. In May of the same year, it purchased the French brokerage Cambiste, later renamed Saxo Banque France. In November 2008, Citigroup launched CitiFX Pro, an online foreign exchange trading platform developed by Saxo. Saxo later focused its U.S. business on institutional clients. By 2009, the bank had opened new offices in Milan, Prague, and Dubai, bringing the number of foreign sales offices to 13-14 by year-end, up from eight in the previous year.
The bank also expanded through acquisitions and asset management. In 2009, it acquired Sirius Kapitalforvaltning and purchased the full share capital of Capital Four Management Fondsmaeglerselskab A/S, along with a 51% stake in Global Evolution Fondsmaeglerselskab A/S.
2010s
In March 2010, Saxo Bank launched a new equity trading platform, enabling trades in over 11,000 stocks and other products listed on 23 major exchanges worldwide.
By July 2010, Saxo Bank reported that net profit had risen from DKK 41 million ($7 million) to DKK 551 million ($95 million). During the same six-month period, the bank completed ten acquisitions and opened new IT development centres in India and Ukraine. The growth was partly attributed to a large increase in trading turnover by Saxo Bank's largest partner, Citi. Saxo's half-year report described the first six months of 2010 as the most profitable period in its history.
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In 2010, Saxo Bank launched an online platform with Barclays Stockbrokers. Branded as "International Trader," it offered access to more than 9,000 equities across 21 major global exchanges in 13 markets, along with securities research. The platform was marketed in the UK, including to Barclays' existing client base. In May 2011, Saxo Bank announced a partnership with TD Waterhouse to provide an online derivatives trading platform for retail investors.
On 17 September 2010, Saxo Bank announced a DKK 59 million investment in Brørup Sparekasse, a small Danish savings bank established in 1897 with seven branches. After the investment, the bank was renamed Saxo Privatbank and began offering core banking services in Denmark. Brørup Sparekasse had faced financial difficulties in 2008 and 2009, mainly because of failed investments in unlisted bonds, and reported a pre-tax loss of DKK 74 million in 2009. Saxo Bank also committed to provide at least DKK 150 million in additional capital, contingent on the successful conversion of Brørup Sparekasse into a joint-stock company. Saxo Bank became the majority shareholder, holding 98.6% of the shares in the restructured institution. Saxo Privatbank operated branches in several Danish cities, including Brørup, Esbjerg, Fredericia, Hellerup, Kolding, Odense, Vejle and Århus. In April 2018, Alm. Brand Bank acquired Saxo Privatbank for DKK 360 million (~$60 million).
In January 2014, Saxo Bank introduced a beta version of a revised TradingFloor.com, changing the community portal into a multi-asset social trading platform where users could share information, tips and strategies. According to the bank's founders, the platform was intended to make financial trading more accessible and serve users who did not want direct interaction with bank representatives.
In May 2015, Saxo Bank launched SaxoTraderGO, a new multi-asset trading platform. In September 2015, Saxo Bank introduced OpenAPI, granting partners, clients, and external developers access to the bank's trading infrastructure for customisation purposes. As of mid-2015, the platform featured over 30,000 financial products.
In early 2016, Saxo Bank launched SaxoSelect, a digital investment service that included portfolios built around iShares ETFs in cooperation with BlackRock, targeting long-term investors and managed based on BlackRock's research. Saxo Bank also introduced Trading Strategies, a copy trading service that provided access to strategies managed by selected investors. Saxo has since ceased this service.
In 2017, Saxo operated in 18 countries, employed 1,600 people, and reported an operating revenue of DKK 2.9 billion ($457.46 million) in 2016.
On 2 October 2017, the Chinese carmaker Geely announced plans to increase its stake in Saxo Bank to 51.5% if the deal were approved by regulators. Sampo Group was to acquire a 19.9% stake, while Kim Fournais, Saxo Bank's CEO, would retain 25.7%. The sellers included Sinar Mas and TPG. The deal was completed in September 2018.
2020s
After abandoning a 2022 attempt to go public through a special purpose acquisition company (SPAC) at a targeted valuation of around €2 billion, Saxo later stated that a public listing was no longer an immediate priority, citing unfavourable market conditions.
On 4 July 2023, the Danish Financial Supervisory Authority (FSA) instructed Saxo to liquidate its cryptocurrency holdings, stating that holding these assets on the bank's own account exceeded the legal scope for Danish financial institutions. The FSA did not specify a timeline. A Saxo spokesperson said the company would review the regulator's requirements and respond accordingly.
In February 2023, Saxo Singapore signed a strategic partnership with Guotai Junan Securities, a major Chinese bank. In November 2023, it announced a strategic partnership with HSBC. In 2023, Saxo reported reaching 1 million clients globally. The bank reported its first semi-annual loss in several years during the second half of 2023, and its 2023 net profit declined by 8.1%.
In April 2024, S&P Global Ratings assigned Saxo Bank an A− rating. In July 2024, Saxo hired Goldman Sachs as a financial adviser to seek buyers for the shares held by Geely (just under 50%) and Mandatum (under 20%). By late October 2024, Altor Equity Partners, Centerbridge Partners, and Interactive Brokers had reportedly expressed interest and submitted preliminary bids.
Saxo reported a 43% increase in its client base in 2024 and introduced a simplified platform together with the AutoInvest ETF investment feature. At the same time, trading activity weakened. Monthly trading volumes fell to US$371.6 billion in June 2024, down 4% from the previous month, and core FX volumes reached a multi-year low of US$78.1 billion. In September 2024, Saxo announced the closure of its Hong Kong and Shanghai offices, citing geopolitical factors. The bank disclosed US$4.3 million in losses for its Hong Kong operations in 2023 and began off-boarding local clients and partners.
In February 2025, the bank agreed to sell an 80.1% stake in its Saxo Australia subsidiary to Johannesburg-based fintech firm DMA, retaining a 19.9% stake. In March 2025, Saxo's shareholders Geely and Mandatum agreed to sell a 70% stake in the bank to Switzerland's J. Safra Sarasin Group for approximately €1.1 billion, valuing Saxo Bank at around €1.6 billion. The Australian transaction was completed, and Saxo Australia was renamed Totality on 11 August 2025. The J. Safra Sarasin transaction was completed on 2 March 2026. Following completion, Kim Fournais stepped down as CEO and became chairman of the board, while Daniel Belfer became chief executive officer of Saxo Bank. In July 2026, J. Safra Sarasin agreed to acquire Fournais's remaining stake in Saxo Holding AG. The transaction remained subject to regulatory approval. In August 2026, S&P Global Ratings revised its outlook on Saxo Bank to positive from stable and affirmed its A− long-term issuer credit rating.
From Wikipedia’s article on Saxo Bank, shared under CC BY-SA 4.0.5