Dutch neo-broker platform BUX has raised $80 million in funding.
Enter Amsterdam-based BUX, the leading neo-broker in Europe offering commission-free investing (shares and ETFs) for both first and existing investors and there is no dependency on kickbacks and payments for order flow making an even more customer friendly platform, has announced an $80 million (€67 million) funding round. The round was led by Prosus Ventures and Tencent with the participation of new and existing investors ABN Amro Ventures, Citius, Optiver, HV Capital, Velocity Capital Fintech Ventures and Endeit Capital.
Bux said that will use this funding to further grow its business and become the leading destination for the average European’s investment money. In addition to the funding the company is announcing their new CEO. Founder and former CEO Nick Bortot who will remain involved was succeeded by Yorick Naeff, previously been the COO of the company.
Being already available in Netherlands, Germany, Austria, France and Belgium, Bux has already got over 500,000 clients comparing to other trading platform such as eTorro with more than 5,000,000, Bux is the only trading app so far that has built its own full-stack system also making the platform not only sustainable and scalable but also convenient and intuitive for every user.
Bux also relies a lot on keeping their customers long term and with their average user age being at 30, giving them trust and affordability, as well as offering users products such as BUX Crypto and BUX X allowing customers to invest in real cryptocurrencies and trading in contracts for difference that wont be that hard to achieve. As Head of Europe Investments for Prosus Ventures also said, “Traditional financial market investing comes with a lot of friction and we firmly believe in the democratization of access to financial services for the next generation of investors.”.
Source: BUX Newsroom ” BUX raises $80 million in funding to further accelerate its roll-out of zero commission investing across Europe”, 23/04/2021