BUX acquires Spanish Ninety Nine’s retail brokerage unit
“Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the BUX Savings Plan.”
BUX has taken a new step to strengthen its position in Spain by acquiring the retail brokerage arm of B2B embedded finance platform Ninety Nine.
The Dutch neobroker bought Ninety Nine’s retail brokerage unit will remove a key competitor from the Spanish market, where the firm launched its BUX Zero trading app in November 2021.
Ninety Nine users will access BUX’s European and US stocks, ETFs, cryptos
Yorick Naeff, CEO at BUX, commented: “Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the BUX Savings Plan.”
Javier Sanz Álvarez, CEO and founder of Ninety Nine, 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.”
BUX enables its one million users to invest in fractional shares, ETFs and cryptocurrencies, or put their investing on a monthly autopilot with a BUX Savings Plan.
The neobroker is currently available in the Netherlands, Belgium, France, Germany, Spain, Italy, Austria and Ireland. Upon completion, Ninety Nine will focus exclusively on the B2B market, providing the technology for fintechs to launch retail investing services for US and European equities, ETF and Cryptos.
BUX appointed Álvaro Vidal as Country Manager for Spain
BUX has recently appointed Álvaro Vidal as Country Manager for Spain as the neobroker looks to expand its customer base in the country. With more than 10 years of experience in fintech companies and retail brokerage know-how, Vidal joins BUX after a 4-mounth stint at smart money app Woolsocks.
Prior to that, he was Investment Product Manager at ING for three years and a half, where he was responsible for managing the Broker NARANJA, in Spain and Portugal. His fintech career also includes nearly four years at DEGIRO, where he was able to climb the executive ladder to become Head of Spain. There, he led the growth of the online broker in the country.
