BUX rolls out zero commission investing app in Ireland

By Megha Bhattacharya

Neobroker BUX has launched its zero-commission investing app, BUX Zero in Ireland. The investing app allows individuals to directly invest in any of the over 2,000 stocks available on BUX Zero. Users can open a free account in minutes, deposit or withdraw money for free at any time, search for specific assets and create lists of their favourite stocks, and access investment plans, jargon-free news, and educational content to help them make better decisions backed by solid financial knowledge.

Yorick Naeff, CEO of BUX, said, “At BUX, our goal is to create a new, more equitable financial future where anyone has the opportunity to invest and put their money to work. Against the backdrop of the 2008 financial crisis, followed by the tracker mortgage scandal, and, most recently, the impact of Covid-19, Irish people’s trust in the traditional banking sector has been eroded. This, combined with the imminent exit of two of Ireland’s largest banks from the market and the closure of other bank branches across the country, has left consumers with limited choice.”

“As the Irish financial services landscape undergoes rapid change, BUX Zero is giving consumers more options when choosing what to do with their money. Providing an avenue for direct investment, BUX Zero is making commission-free investing accessible for both first time and existing investors by allowing them to easily invest in companies they know and believe in. Irish customers are conscious consumers who are tech and money savvy, with a strong appetite for digital-first financial services. This made our decision to launch in the Irish market an easy one,” Naeff added.

Recently, BUX announced that it has raised $80 million in a funding round 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. Royal Park Partners acted as exclusive financial advisor to BUX and its shareholders throughout the transaction.

“Investing has long been something for those with the capital and the knowledge to do so, and the rise of retail trading has left many new entrants to the space navigating an often complex environment,’’ said Naeff. “That’s why we’re committed to providing our users with the tools to be confident in beginning their investment journey. We currently offer educational content including videos, knowledge centres, and market news and are putting more resources behind this everyday because it’s just as important to our clients as having a sophisticated platform.”