BUX (brokerage)

BUX
Company typePrivate
IndustryFinancial services
FoundedJuly 18, 2013 (2013-07-18)[1]
FounderNick Bortot[2]
Headquarters
Amsterdam
,
Netherlands
Area served
Netherlands,Germany, Austria, France, Belgium, Italy, Spain, Ireland
Key people
Marlou Jenniskens (CEO)
ServicesStockbroker
Electronic trading platform
Number of employees
100 (2020[3])
ParentABN AMRO
SubsidiariesBUX B.V.
BUX Technology B.V.
Websitebux.com

BUX is a European mobile brokerage company, based in Amsterdam. Retail investors buy shares, ETFs through the BUX app. BUX allows users to trade through its BUX app. BUX is a subsidiary of the ABN AMRO.

History

BUX was founded in July 2013 by Nick Bortot, a former executive at Dutch online broker BinckBank.[4][5] The initial funding came from the founders and Orange Growth Capital.[6][7]

The company launched its first BUX app in September 2014 in the Netherlands and several months later in the UK.[8][9] It was based on CFD trading.[10]

In September 2015, BUX raised €1,700,000 from the American/British venture investor Initial Capital.[11][12][7] In February 2016, it raised another US$6,900,000 from Holtzbrinck Ventures, and existing shareholders Orange Growth Capital and Velocity Capital.[11][13] Also in February 2016, the app became available in Germany.[11][4]

In 2016 the company won "Accenture Innovation Awards".[14] Also Wired UK included the company into its "Europe's hottest startups 2016" list.[15] In October 2016, the company removed the BUX app from app stores for Belgium just 1 month after launch, due to local law prohibiting the commercialization of leveraged CFDs.[16]

In January 2017, the app was launched in Italy.[17] In October 2017, the firm raised another €10,600,000 from two existing shareholders, Holtzbrinck Ventures and Velocity Capital Management, as well as from a number of private investors (such as Arthur Kosten, the former CMO of Booking.com, BinckBank founder Thierry Schaap and the CEO and founder of Mollie nl:Adriaan Mol).[18][19] BUX also launched a crowdfunding campaign on Seedrs, where it raised an additional €1,400,000.[20][21]

By November 2018, the BUX app had 2 million users in 9 European countries.[22]

In May 2019, BUX partnered with ABN AMRO to use the bank’s blockchain-based technology in its new zero-commission investing app.[23]

In June 2019, the firm raised US$12,500,000 in venture capital funds.[24][25] Some of that money was put towards acquiring Ayondo Markets Limited (AML), a UK subsidiary of a Singapore-based broker Ayondo, in a deal estimated at £5,700,000.[26][27][28]

In September 2019, a new app was launched in the Netherlands.[29][30] In June 2020, it was launched in Germany and Austria and one month later in France.[31][32] In August 2020, it became available in Belgium.[33][34]

In January 2020, BUX acquired Blockport, a European cryptocurrency exchange.[35] The firm registered it with the Dutch Central Bank, rebranded and launched as BUX Crypto in April 2020.[36]

The Financial Times and Handelsblatt reported that German neobank N26 wanted to acquire BUX for €200 million, but the deal collapsed after N26 pushed for new conditions and a lower price.[37][38]

In December 2023, it was announced that the company would be acquired by ABN AMRO for an undisclosed amount.[39] In July 2024, it was reported that the transaction had been completed.[40]

References

  1. ^ "BUX Holding BV". drimble.nl (in Dutch). Archived from the original on 8 October 2020. Retrieved 8 October 2020.
  2. ^ Darbyshire, Madison (23 January 2020). "Freetrade stakes claim in Europe's fee-free stock trading markets". Financial Times. Retrieved 1 October 2020.(subscription required)
  3. ^ Cranenbroek, Pieter (22 September 2020). "LinkedIn Top Startups 2020: deze 10 Nederlandse bedrijven zitten in de lift" [LinkedIn Top Startups 2020: these 10 Dutch companies are on the rise]. LinkedIn. Retrieved 8 October 2020.{{cite web}}: CS1 maint: deprecated archival service (link)
  4. ^ a b Sandmann, Philipp (24 December 2016). "Diese App soll Jugendliche zu Börsengurus machen" [This app aims to turn young people into stock market gurus]. Die Welt (in German). Archived from the original on 12 June 2017. Retrieved 7 October 2020.
  5. ^ Kar-Gupta, Sudip (16 February 2015). "REFILE-From Grand Theft Auto to Wall St: Trading apps woo gamers". Reuters. London. Archived from the original on 21 October 2020. Retrieved 1 October 2020.
  6. ^ Cohen, Roger; Kooiman, Joris (12 September 2014). "Bux-app maakt van beleggen een simpel spel" [Bux app makes investing a simple game]. Het Financieele Dagblad (in Dutch). Retrieved 12 October 2020.(subscription required)
  7. ^ a b Golovtchenko, Victor (15 September 2015). "Trading App BUX Raises Additional $1.9 mln to Boost Growth". Finance Magnates. Archived from the original on 24 June 2016. Retrieved 12 October 2020.
  8. ^ van der Vliet, Harrison (3 October 2014). "Hoe ik niet rijk werd van beleggen op mijn telefoon" [How I didn't get rich from investing on my phone]. NRC Handelsblad (in Dutch). Retrieved 14 October 2020.{{cite web}}: CS1 maint: deprecated archival service (link)
  9. ^ Appelo, Jurgen (2019). "3. Picking Up the Pieces". Startup, Scaleup, Screwup: 42 Tools to Accelerate Lean and Agile Business Growth. John Wiley & Sons. p. 26. ISBN 9781119526889.
  10. ^ Fenwick, Tom (23 October 2015). "The Smartphone Game Where In-App Purchases Are Real-World Stocks and Shares". Vice. Archived from the original on 14 October 2020. Retrieved 14 October 2020.
  11. ^ a b c Betlem, Rutger (17 February 2016). "Bux breidt uit in Duitsland" [Bux expands in Germany]. Het Financieele Dagblad (in Dutch). Retrieved 12 October 2020.(subscription required)
  12. ^ O'Hear, Steve (15 September 2015). "Casual Trading App Bux Raises $1.9M". TechCrunch. Archived from the original on 2 October 2015. Retrieved 12 October 2020.
  13. ^ Finberg, Ron (17 February 2016). "Tapping a New Market of Traders, BUX Closes $6.9m Funding Round Amid Strong User Growth". Finance Magnates. Archived from the original on 9 July 2017. Retrieved 12 October 2020.
  14. ^ "Tulpen voor innovatie in Nederland" [Tulips for innovation in the Netherlands] (in Dutch). RTL Nieuws. 24 April 2016.
  15. ^ Burgess, Matt (14 September 2016). "Europe's hottest startups 2016: Amsterdam". Wired UK. Archived from the original on 24 September 2020. Retrieved 1 October 2020.
  16. ^ De Rijcke, Christophe (15 October 2016). "Nederlandse Bux sluit beursapp af voor Belgen" [Dutch Bux shuts down stock market app for Belgians]. De Tijd (in Dutch). Archived from the original on 15 October 2020. Retrieved 15 October 2020.(subscription required)
  17. ^ Betlem, Rutger (24 January 2017). "Fintech-start ups zijn de grondstof voor het nieuwe bankieren" [Fintech start-ups are the raw material for the new banking]. Het Financieele Dagblad (in Dutch). Retrieved 12 October 2020.(subscription required)
  18. ^ Braaksma, Jan (23 October 2017). "Beleggingsapp Bux haalt miljoenen op voor uitbreidingsplannen" [Investment app Bux raises millions for expansion plans]. Het Financieele Dagblad (in Dutch). Retrieved 12 October 2020.(subscription required)
  19. ^ "BUX: Börsen-App erhält 10,6 Millionen Euro" [BUX: Stock exchange app receives 10.6 million euros]. Wirtschaftswoche (in German). 23 October 2017. Archived from the original on 12 October 2020. Retrieved 12 October 2020.
  20. ^ Williams-Grut, Oscar (13 December 2017). "Seedrs CEO hails 'standout year' as total investment on crowdfunding platform passes £300 million". Business Insider UK. Archived from the original on 22 December 2017. Retrieved 12 October 2020.
  21. ^ Banis, Davide (12 December 2017). "Here's how finance app Bux helps broke millennials to invest". The Next Web. Archived from the original on 19 March 2018. Retrieved 12 October 2020.
  22. ^ Braaksma, Jan (13 November 2018). "Fintech Bux gaat gratis handel in aandelen bieden" [Fintech Bux is going to offer free stock trading]. Het Financieele Dagblad (in Dutch). Retrieved 12 October 2020.(subscription required)
  23. ^ Beedham, Matthew (29 May 2019). "ABN AMRO is helping BUX blockchainify its new stock trading app". The Next Web. Archived from the original on 29 May 2019. Retrieved 4 October 2020.
  24. ^ Kimberley, David (12 June 2019). "BUX Raises $12.5 Million, Acquires Ayondo UK Subsidiary". Finance Magnates. Archived from the original on 7 October 2020. Retrieved 7 October 2020.
  25. ^ Thole, Herwin (13 June 2019). "Beleggersapp Bux haalt €11,1 miljoen op, komt in juli met gratis beleggen en neemt branchegenoot Ayondo over" [Investor app Bux raises € 11.1 million, launches free investing in July and acquires industry peer Ayondo]. Business Insider Netherlands (in Dutch). Archived from the original on 15 October 2020. Retrieved 15 October 2020.
  26. ^ Golovtchenko, Victor (14 February 2019). "Breaking: BUX in Exploratory Talks to Buy UK Subsidiary of ayondo". Finance Magnates. Archived from the original on 7 August 2020. Retrieved 7 October 2020.
  27. ^ "Ayondo goes ahead with deal to sell UK unit for £5.7m". The Straits Times. 8 May 2019. Archived from the original on 7 October 2020. Retrieved 7 October 2020.
  28. ^ Mui, Rachel (6 June 2019). "Ayondo completes disposal of unit Ayondo Markets Limited". Business Times (Singapore). Archived from the original on 10 June 2019. Retrieved 7 October 2020.
  29. ^ O'Hear, Steve (11 September 2019). "Bux launches 'BUX Zero' to begin offering fee-free trading in Netherlands". TechCrunch. Archived from the original on 11 September 2019.
  30. ^ Skinner, Celeste (12 September 2019). "BUX Launches Investment App BUX Zero in the Netherlands". Finance Magnates. Archived from the original on 24 September 2020. Retrieved 4 October 2020.
  31. ^ Smith, Oliver (8 June 2020). "Dutch fintech Bux brings its Zero commission-free trading to Germany and Austria". altfi.com. Archived from the original on 9 June 2020. Retrieved 4 October 2020.
  32. ^ Tattersall, Michael (22 July 2020). "Bux expands its commission-free trading app to France". Business Insider. Archived from the original on 20 September 2020. Retrieved 4 October 2020.
  33. ^ Simoens, Kristof (18 August 2020). "Gratis beleggen met nieuwe app: te mooi om waar te zijn?" [To invest free of charge with a new app: is it too good to be true?]. Het Nieuwsblad (in Dutch). Retrieved 4 October 2020.(subscription required)
  34. ^ "Nederlandse beleggingsapp wil Belgen lokken met gratis transacties" [Dutch investment app wants to lure Belgians with free transactions]. De Standaard (in Dutch). Belga. 18 August 2020. Archived from the original on 18 August 2020. Retrieved 4 October 2020.
  35. ^ O'Hear, Steve (9 January 2020). "Bux acquires 'social' cryptocurrency investment platform Blockport". TechCrunch. Archived from the original on 9 January 2020. Retrieved 7 October 2020.
  36. ^ Abdel-Qader, Aziz (26 May 2020). "Crypto Broker BUX Expands No-Fee Trading to US Stocks". Finance Magnates. Archived from the original on 12 September 2020. Retrieved 7 October 2020.
  37. ^ Storbeck, Olaf (19 April 2023). "How Germany's top fintech is struggling to grow up". Financial Times.
  38. ^ Schwarz, Dennis; Schütze, Arno; Kröner, Andreas (15 February 2023). "N26 wollte niederländischen Broker Bux kaufen" [N26 wanted to buy Dutch broker Bux]. Handelsblatt (in German).
  39. ^ "ABN Amro to Buy Mobile Brokerage BUX to Boost Digital Presence". Bloomberg.com. 14 December 2023. Retrieved 14 December 2023.
  40. ^ "ABN AMRO completes acquisition of BUX, BUX becomes a subsidiary". ABN AMRO. Retrieved 6 October 2025.
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