Bucking the trend of traditional brokers, Amsterdam-based BUX is on a mission to become the neobroker in Europe.
To help accomplish this mission, they’ve raised €67 million in a funding round led by Prosus Ventures and Tencent. New investors ABN Amro Ventures, Citius, Optiver, and Endeit Capital and existing investors HV Capital and Velocity Capital Fintech Ventures participated in the round.
“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,” comments Prosis Ventures’ Sandeep Bakshi. “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.”
Founded in 2014 by Egbert Pronk, Joost van de Wijgerd, Nick Bortot, and Robbert Bos, neobroker BUX recently celebrated its 500,000th customer, is expected to utilise the fresh funding to further expand its commission-free investment app BUX Zero.
Launched last year in Germany, France, Austria, and Belgium, and has seen the number of active users grow by 6x. Demonstrating a solid track record, in the past three months alone, BUX Zero has doubled its assets under management.
“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 further shape the future of how Europeans invest,” adds BUX CEO Yorick Naeff.