Tencent-Backed BUX Raises $80 Million to Expand Its Free Trading Platformby Fintechnews Switzerland April 23, 2021
BUX, a European mobile brokerage company based in Amsterdam and London, announced that it has raised US$ 80 million from a group of investors.
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.
BUX reported that it had recently welcomed its 500,000th customer and will use this investment as additional impetus to expand its commission-free investment app BUX Zero.
Having successfully launched BUX Zero in Germany, France, Austria and Belgium in the past year, the neo-broker will continue its international expansion throughout 2021.
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.
“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.
We are extremely grateful to have top tier investors like Prosus Ventures and Tencent onboard to support us in our mission,”
said Yorick Naeff, BUX’s new CEO.
Featured image: Yorick Naeff, CEO and Nick Bortot, Founder of BUX