ABN Amro to acquire Dutch neobroker Bux for undisclosed sum
ABN Amro, one of the largest banks in the Netherlands, is set to acquire Dutch neobroker Bux for an undisclosed sum.
ABN Amro to acquire Bux for undisclosed sum
With the acquisition, ABN Amro hopes to gain a foothold in the retail investment space, enhance its digital offerings and fuel its pan-European expansion goals.
The news comes a month after a report by Financial News that Bux had laid off 40% of its workforce as part of a wider restructuring plan which also included its withdrawal from the UK market, with Bux CEO Yorick Naeff telling the outlet that “we invested a lot in the UK market, but we don’t see any future here now”.
Founded in 2013 and based in Amsterdam, Bux enables commission-free investing in a range of companies through a mobile app. It is operational across a number of European markets including the Netherlands, Germany, Spain, Austria, France, Italy, Ireland and Belgium.
The fintech start-up had raised more than $80 million in funding as of 2021 from the likes of Tencent and Prosus Ventures, with ABN Amro’s venture capital arm also infusing capital. Bux had also partnered with ABN Amro Clearing Bank in 2019 to link the bank’s technology to its app. Through the partnership, Bux says it became the first broker in Europe to offer fractional European ETFs in 2022.
“Welcoming Bux into the ABN Amro family will create a unique combination of innovative user-friendliness and financial strength, stability and expertise – a powerful foundation for future growth (in the private investment domain), both for our clients and for the bank itself,” says Annerie Vreugdenhil, ABN Amro’s chief commercial officer, personal and business banking.
Naeff adds that ABN Amro’s “deep expertise in personal finance and decades-long reputation” will see the two companies form a “powerful combination” to fuel Bux’s growth ambitions.
