European neo-broker BUX has scored $80m in a funding round to accelerate the company’s strong growth.
Prosus Ventures and Tencent served as the lead investors, with commitments also coming from ABN Amro Ventures, Citius, Optiver, and Endeit Capital. Existing BUX backers HV Capital and Velocity Capital Fintech Ventures also contributed to the round.
The FinTech, which recently welcomed its 500,000th customer, plans to use the fresh equity to expand its commission-free investment app BUX Zero.
BUX claims the capital will help it to continue its goals of building features “to further shape the future of how Europeans invest.”
The FinTech offers a mobile-based trading platform, enabling consumers to invest commission-free into shares and ETFs.
Tencent assistant GM Alex Leung said, “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.”
In line with the deal, BUX founder and CEO Nick Bortot has handed control of the company over to the current COO Yorick Naeff.
The FinTech previously raised $12.5m in funding back in 2019, from investors including Velocity Capital and Holtzbrinck Ventures.
Copyright © 2021 FinTech Global
