22
April
2021
|
10:00
Europe/Amsterdam

BUX raises $80 million in funding to further accelerate its roll-out of zero commission investing across Europe

Amsterdam, The Netherlands, 22 April 2021 - BUX announced that it has raised $80 million from a group of top-tier investors backing its mission to become the leading neo-broker in Europe.

  • Europe’s fastest-growing neo-broker BUX announces an $80 million (€67 million) funding round led by Prosus Ventures and Tencent.
  • The investment accelerates BUX’s vision to become the leading destination for Europeans who want to do more with their money.
  • CEO and founder Nick Bortot hands over the reins to COO Yorick Naeff.

The funding round was led by Prosus Ventures and Tencent, with participation from additional new investors ABN Amro Ventures, Citius, Optiver, and Endeit Capital. Existing investors HV Capital and Velocity Capital Fintech Ventures also participated in the round, showing their commitment to accelerate BUX’s strong, continued growth.

Europe’s fastest-growing neo-broker BUX, which recently welcomed its 500,000th customer, will use this investment as an additional impetus to expand its commission-free investment app BUX Zero.

Yorick Naeff, BUX’s new CEO, said: “Younger generations in Europe now realise that investing is one of the few viable ways left to create a stable financial future. 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 on board to support us in our mission.” 

Sandeep Bakshi, Head of Europe Investments for Prosus Ventures, 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. The existing solutions are expensive, complex and not designed for younger generations. 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. They have already experienced impressive growth and are the best-positioned neo-broker to scale across Europe and beyond.”

Alex Leung, Assistant GM at Tencent, Strategic Development, said: “We are excited about backing BUX as they are the leading neo-broker in Europe and have been able to build a platform that is sustainable and scalable. BUX is the only neo-broker in Europe that offers zero-commission investing without being dependent on kickbacks or payments for order flow. This ensures that its interests are fully aligned with its customers. We will support BUX in its journey of pursuing consistent growth for the years to come.”

Royal Park Partners acted as an exclusive financial advisor to BUX and its shareholders throughout the transaction.

Demand for BUX Zero skyrockets

In the past three months alone, BUX Zero has more than doubled its assets under management. In addition, the number of active users grew six-fold throughout the year. With interest rates at all-time lows and struggling pension systems, there is a fast-growing appetite to start investing especially amongst the younger generations.

Having successfully launched BUX Zero in Germany, France, Austria and Belgium in the past year, Europe’s fastest growing neo-broker will continue its international expansion throughout 2021, solidifying its leadership position.

Yorick Naeff appointed as CEO to take BUX to the next level

In parallel with the funding round, founder and CEO Nick Bortot will hand over the helm of the company to its current COO Yorick Naeff. Nick will remain involved with BUX as a member of the non-executive board.

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About Prosus:

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

The group is focused on building meaningful businesses in the online classifieds, food delivery, payments and fintech, and education technology sectors in markets including India, Russia, and Brazil. Through its ventures team, Prosus invests in areas including health, logistics, blockchain, and social commerce. Prosus actively seeks new opportunities to partner with exceptional entrepreneurs who are using technology to improve people’s everyday lives.

Every day, millions of people use the products and services of companies that Prosus has invested in, acquired or built, including Avito, BrainlyBYJU'S, Bykea, Codecademy, DappRadar, DeHaat, dott, ElasticRun, eMAG, Eruditus, Honor, iFood, Klar, LazyPay, letgo, Meesho, Movile, OLX, PayU, Quick Ride, Red Dot Payment, Remitly, Republic, Shipper, SimilarWeb, Skillsoft, SoloLearn, Swiggy and Udemy.

Hundreds of millions of people have made the platforms of Prosus’s associates a part of their daily lives. For listed companies where we have an interest, please see: Tencent, Mail.ru, Trip.com Group Limited, and DeliveryHero.

Today, Prosus companies and associates help improve the lives of around a fifth of the world's population.

Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and secondary listings on the Johannesburg Stock Exchange (XJSE:PRX) and a2X Markets (PRX.AJ). Prosus is majority-owned by Naspers.

For more information, please visit www.prosus.com.

About BUX:

Having over 500,000 customers, BUX is Europe's fastest-growing neo-broker and has been making it easy and affordable for Europeans to do more with their money since 2014. BUX's flagship platform, BUX Zero, is making commission-free investing accessible, intuitive, and affordable for both first time and existing investors allowing them to invest in a large suite of shares or ETFs they care about. BUX Zero is currently available in the Netherlands, Germany, Austria, France and Belgium. The full range of BUX products, including BUX Crypto which allows users to invest in real cryptocurrencies, and BUX X, where users can trade in contracts for difference (CFDs), are available across Europe.

Headquartered in Amsterdam, the Netherlands, the company is backed by some of the most prominent international Venture Capital firms.

The investment services of BUX Zero are authorised and regulated by the Dutch Authority for Financial Markets (Autoriteit Financiële Markten - AFM). BUX X, a trading name of BUX Financial Services Limited, is regulated by the Financial Conduct Authority, FCA Register number 184333. The services of BUX Crypto are offered by BUX Alternative Investments BV.

About Prosus

Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential, Prosus builds leading consumer internet companies that empower people and enrich communities.

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