BUX appoints Álvaro Vidal as Country Manager for Spain

Rick Steves

Álvaro Vidal led DEGIRO’s critical hypergrowth period in Spain, from 2014 to 2018.

BUX has 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.

Vidal understands hypergrowth and knows the Spanish market inside-out

Yorick Naeff, Chief Executive Officer of BUX, said: “We were looking to find the right Country Manager who believes in our vision, understands hypergrowth and knows the Spanish market inside-out. Vidal combines all these attributes and I’m confident that with his extensive background, we will maintain our current growth momentum.”

Álvaro Vidal, Country Manager for Spain, at BUX, commented: “I was immediately drawn to the vision of BUX Zero and its commitment to guide customers through their investment journey. BUX’s intuitive app gives everyone the flexibility and freedom to invest, and I am proud to be playing a role in making it accessible to as many Spaniards as possible.”

BUX has recently appointed Dan Zbijowski as Chief Marketing Officer and Salim Sebatta as UK CEO, as well as Jean-Rafael Nahas as Managing Director of Cyprus.

$80m funding, over 700,000 clients, and CySEC license

The neobroker’s growth efforts are being fueled by moneys raised in 2021. Last year, BUX raised $80 million in a funding round aimed at bringing on board key profiles in the fintech sector and opening new markets in Europe throughout 2022.

BUX already counts with over 700,000 clients as the Amsterdam-headquartered broker was able to expand to several countries, including the Netherlands, Germany, Austria, France, Belgium, Ireland, and Spain. The BUX Zero app is free and available for download on Google Play and Apple Store.

In March 2022, BUX announced BUX Europe Limited – previously Hua Ren (Cyprus) Financial Limited – as the CySEC authorized entity for its business that is mainly focused on CFDs and cryptocurrencies.

The Cypriot licensing requires the firm to adhere to strict financial standards under the MiFID II framework, including the segregation and protection of client funds, full transparency of its business operations and capital adequacy controls.

Operating under the Cysec umbrella allows BUX to leverage its new regulatory profile to expand its services into the European Markets. Further, the group’s operational capability has been substantially enhanced with the Cypriot approval as the company is now authorised to provide investment and professional trading services, including transferable securities, derivatives, and foreign exchange.

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