BUX secures $80 million in funding led by Prosus Ventures and Tencent
By Megha Bhattacharya
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.
“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.
The investment will enable BUX to accelerate the expansion of its commission-free investment app BUX Zero. Recently, BUX extended its partnership with enterprise connectivity platform Yapily to France and Austria. The new collaboration will enable French and Austrian BUX Zero users, along with German users to fund their accounts and build an investment portfolio.
“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”, said Sandeep Bakshi, Head of Europe Investments for Prosus Ventures. He added, “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. They have already experienced impressive growth and are the best-positioned neo-broker to scale across Europe and beyond.”
“We are excited about backing BUX as they are the leading neo-broker in Europe and have been able to build a platform that is sustainable and scalable. BUX is the only neo-broker in Europe that offers zero commission investing without being dependent on kickbacks or payments for order flow. This ensures that its interests are fully aligned with its customers. We will support BUX in its journey of pursuing consistent growth for the years to come”, said Alex Leung, Assistant GM at Tencent, Strategic Development.
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November 29, 2022
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