The CEO of a European neobroker startup recently acquired by Dutch financial services giant ABN AMRO says it’s his job to keep BUX protected from “too much influence from the larger organisation”.
In the Tech.eu podcast, Yorick Naeff, BUX CEO, gives us the background to ABN AMRO’s purchase of BUX, announced in December last year.
The Dutch giant was an early-stage investor in BUX — most famous for offering commission-free trading to European investors — and the pair are also tech partners.
“We started discussing opportunities around the summer last year and at some point, these things become more concrete,” says Naeff.
“I am very much aware of the pitfalls of becoming part of a larger corporate beast. I think it is up to me to make sure obviously that we keep our innovative power and agility.”
He added it was his job as CEO to “protect” BUX from “too much influence from the larger organisation”.
For example, he wants to ensure that BUX doesn't become too subsumed within ABN AMRO, losing its ability to launch products quickly and also that BUX maintains its tech stack.
On the flip side, he points to the benefits of the tie-up, pointing to ABN AMRO’s global reputation, knowledge and experience across financial services.
Elsewhere in the podcast, Naeff talks about other recent changes to BUX, including 40 per cent job cuts, amid a tough economic environment and why it is shifting out of crypto.
Finally, he talks about the importance for him of work-life balance and says meditation works for him.