Bux raises $80m to boost European zero commission investing app
Netherlands-based neo-broker Bux will accelerate the roll-out of its zero commission investing service after raising $80 million in funding.
The round was led by Prosus Ventures and Tencent, with participation from additional new investors ABN Amro Ventures, Citius, Optiver and Endeit Capital. They were joined by existing investors HV Capital and Velocity Capital Fintech Ventures.
Bux’s current COO Yorick Naeff will succeed founder and CEO Nick Bortot, who remains a member of the non-executive board.
Claiming to be Europe’s fastest growing neo-broker, with 500,000 customers, Bux will expand its commission-free investment app BUX Zero.
Already available in Germany, France, Austria and Belgium, Bux Zero has more than doubled its assets under management in the last three months.
“Younger generations in Europe now realise that investing is one of the few viable ways left to create a stable financial future,” says Yorick Naeff.
“With this new funding round, BUX will continue to spearhead innovation by implementing advanced features to further shape the future of how Europeans invest.”
Sandeep Bakshi, head of Europe investments for Prosus Ventures, says that the company believes in the democratisation of access to financial services.
“The existing solutions are expensive, complex and not designed for younger generations,” he says. “Bux has built the next generation of investing services that are low cost, convenient and intuitive for even the newest investor, while covering the full spectrum of investment options, including cryptocurrencies.”
“Bux is the only neo-broker in Europe that offers zero commission investing without being dependent on kickbacks or payments for order flow,” adds Alex Leung, assistant GM at Tencent, Strategic Development.
Bux Zero’s active users grew six-fold last year. The company will use the funding to advance its international expansion in 2021.