Rapidly growing neo-broker, BUX, has announced that it has received $80 million in funding from a consortium of high-end investors. The substantial investment is said to go hand in hand with the company’s vision of becoming the leading platform for Europeans wishing to make their money go further. Alongside the funding round, BUX’s CEO and founder Nick Bortot will hand over the reins to the company’s former COO, Yorick Naeff. Bortot plans to stay involved as a member of BUX’s non-executive board.
This round of funding was fronted by Tencent and Prosus Ventures, with additional participation from new investors Endeit Capital, Citius, ABN Amro Ventures, and Optiver. It was also reported that already active investors Velocity Capital Fintech Ventures and HV Capital were also present in contributing to the round, a sign of their dedication to the firm’s growth. Royal Park Partners was the exclusive financial advisor throughout the recent funding round.
Yorick Naeff, the newly appointed CEO of BUX, said:
With this new funding round, BUX will continue to spearhead innovation by implementing advanced features to shape further the future of how Europeans invest. We are extremely grateful to have top tier investors like Prosus Ventures and Tencent onboard to support us in our mission.
In recent times, BUX reportedly welcomed its 500,000th customer. BUX has confirmed that it intends to use its recent investments to expand its app, BUX Zero, a platform for commission-free investments. BUX Zero was successfully launched in France, Germany, Belgium and Austria within the past year, and the company hopes to pursue its international expansion for the rest of 2021.
Alex Leung, Assistant GM at Tencent, Strategic Development, stated:
BUX is the only neo-broker in Europe that offers zero commission investing without being dependent on kickbacks or payments for order flow. We will support BUX in its journey of pursuing consistent growth for the years to come.
BUX Zero has increased its assets by more than 50% under management within the last three months alone. Additionally, the number of live app users expanded six-fold throughout the year. These surges are likely to have something to do with the ever-increasing desire to begin investing due to interest rates being at an all-time low and with pension systems struggling. The investment buzz is particularly prevalent amongst younger generations.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
