BUX, a European neobroker, has acquired the retail brokerage arm of Spanish neobroker Ninety Nine, helping BUX boost its presence in the Spanish retail brokerage market.
Following the close of the deal, BUX will offer its clients with a broader range of services, including access to investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the BUX Savings Plan.
Speaking on the partnership, Ninety Nine CEO and founder Javier Sanz Álvarez said, “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.
“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. I believe our retail clients will be satisfied with this solution.”
BUX, which is headquartered in Amsterdam, offers a mobile investing app. Users can invest in fractional shares, ETFs and cryptocurrencies, or they can leverage BUX Savings Plan to automate investing.
Earlier in the year, the FinTech added cryptocurrency investing services to its mobile platform. These were initially launched in the Netherlands, Belgium, Spain and Ireland.
Ninety Nine is a B2B embedded finance platform that offers personalised end-to-end investing solutions.
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