BUX Expands in Spain with Acquisition of Local Neobroker Ninety Nine

Date:

Share post:


BUX, a Netherlands-headquartered financial services firm, has expanded its European footprint with the latest acquisition of the retail brokerage arm of Spanish neobroker, Ninety Nine.

Officially announced on Monday, the acquisition will strengthen the presence of BUX in the Spanish retail brokerage category. Its aim for the deal is to gain an existing client base as it will migrate Ninety Nine’s retail user base to its platform.

“We are proud and delighted to help a new group of Spanish clients create a stable investment base and build a better financial future,” said BUX’s CEO, Yorick Naeff. “Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European, and US stocks, ETFs, cryptocurrencies, fractional investing, and the BUX Savings Plan.”

Further, following the acquisition, the Ninety Nine brand will no longer offer B2C brokerage services; it will only focus its resources on providing B2B & B2B2C services to banks, fintech and media groups.

“We have been working for over a year and a half on our B2B strategy, and while it was a difficult decision, we have decided to focus all our efforts on it,” the Founder and CEO of Ninety Nine, Javier Sanz Álvarez, said.

“However, our clients are still very important to us, so we have been working with BUX to provide them with a great alternative to continue investing, including two free shares as a welcome gift, free migration to the BUX platform, and fees almost 50% lower than current ones.”

European Expansion

BUX offerings in Europe include a range of services like commission-free stock tradings, fractional shares and even trading services with contracts for differences and cryptocurrencies. It now has more than a million customers.

The platform is aggressively expanding its footprint in the continent; it is now operational in the Netherlands, Belgium, France, Germany, Spain, Italy, Austria and Ireland. In addition, it has a UK subsidiary, which migrated a significant portion of its client base to an EU-based sister company following Brexit. The revenue of the UK company halved to £9.1 million in 2021, with a year-end loss of over £4.2 million.

BUX, a Netherlands-headquartered financial services firm, has expanded its European footprint with the latest acquisition of the retail brokerage arm of Spanish neobroker, Ninety Nine.

Officially announced on Monday, the acquisition will strengthen the presence of BUX in the Spanish retail brokerage category. Its aim for the deal is to gain an existing client base as it will migrate Ninety Nine’s retail user base to its platform.

“We are proud and delighted to help a new group of Spanish clients create a stable investment base and build a better financial future,” said BUX’s CEO, Yorick Naeff. “Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European, and US stocks, ETFs, cryptocurrencies, fractional investing, and the BUX Savings Plan.”

Further, following the acquisition, the Ninety Nine brand will no longer offer B2C brokerage services; it will only focus its resources on providing B2B & B2B2C services to banks, fintech and media groups.

“We have been working for over a year and a half on our B2B strategy, and while it was a difficult decision, we have decided to focus all our efforts on it,” the Founder and CEO of Ninety Nine, Javier Sanz Álvarez, said.

“However, our clients are still very important to us, so we have been working with BUX to provide them with a great alternative to continue investing, including two free shares as a welcome gift, free migration to the BUX platform, and fees almost 50% lower than current ones.”

European Expansion

BUX offerings in Europe include a range of services like commission-free stock tradings, fractional shares and even trading services with contracts for differences and cryptocurrencies. It now has more than a million customers.

The platform is aggressively expanding its footprint in the continent; it is now operational in the Netherlands, Belgium, France, Germany, Spain, Italy, Austria and Ireland. In addition, it has a UK subsidiary, which migrated a significant portion of its client base to an EU-based sister company following Brexit. The revenue of the UK company halved to £9.1 million in 2021, with a year-end loss of over £4.2 million.



Source link

Related articles

The Role of Enterprise Ethereum: Applications, Benefits, and Challenges

Enterprise Ethereum is a blockchain network created primarily for enterprises. It is built on the Ethereum blockchain, which is...

Digital Identity Solutions for Financial Services

When it comes to authenticating the identity of their customers in today's increasingly digital environment, financial services organizations face...

Opportunities for Supply Chain Management

The emergence of blockchain-enabled smart contracts has changed the world of supply chain management. These contracts provide various advantages,...

European Regulator Slammed 225 Securities Issuers in 2022

The European Securities and Markets Authority (ESMA ...