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ABN Amro to acquire Dutch neobroker Bux for undisclosed sum | Fintech InShorts: Latest fintech news, analysis by experts

ABN Amro to acquire Dutch neobroker Bux for undisclosed sum

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ABN Amro to acquire Dutch neobroker Bux for undisclosed sum

December 15, 2023

ABN Amro Acquisition of Bux
- ABN Amro, a major Dutch bank, is acquiring the Dutch neobroker Bux for an undisclosed amount.
Strategic Objectives
- ABN Amro aims to strengthen its position in the retail investment sector, improve digital offerings, and support pan-European expansion goals through the acquisition.
Bux Overview
- Founded in 2013 in Amsterdam, Bux offers commission-free investing through a mobile app in multiple European markets.
- Bux had faced challenges, including a reported 40% workforce reduction and withdrawal from the UK market.
Financial Details
- Bux had secured over $80 million in funding by 2021 from investors such as Tencent and Prosus Ventures, including capital infusion from ABN Amro’s venture capital arm.
Previous Collaboration
- Bux had previously partnered with ABN Amro Clearing Bank in 2019, becoming the first broker in Europe to offer fractional European ETFs in 2022 through this collaboration.
Future Growth and Synergy
- ABN Amro anticipates that incorporating Bux into its operations will create a powerful synergy of user-friendliness and financial strength, fostering growth in private investments for both clients and the bank.
- Bux’s CEO, Yorick Naeff, sees the combination as a powerful alliance leveraging ABN Amro’s expertise and reputation in personal finance for mutual growth.

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