Bux acquires retail arm of Ninety Nine

Dutch online broker Bux has acquired the retail arm of its Spanish rival Ninety Nine. Bux launched its mobile app in Spain last year and the acquisition will boost its presence. Ninety Nine will continue operating, but no longer covers the retail investor market.

Bux is an investment platform from the Netherlands. It has more than 700 thousand customers. It is well-known for its app Bux Zero, where users can invest in stocks, ETFs, cryptocurrencies and fractional investing plans.

Strengthening position in Spain

Earlier this year, Bux Zero was launched in its eighth market, Italy. Now Bux is strengthening its position in Spain by acquiring the retail arm of Spanish neobroker Ninety Nine.

Ninety Nine will now focus on institutional clients.

Ninety Nine is another trading platform, where investors can buy shares, invest in real estate through Real Estate Investment Trusts and more. As a result of the acquisition, the platform is divesting its retail business to Bux. It will now focus on institutional clients.

Customers moved to Bux

Retail investors that are currently Ninety Nine customers will be moved to Bux. There, they can take advantage of Bux’s cheaper fees. “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”, said Yorick Naeff, CEO at Bux.

Bux is currently holding a new funding round worth €16 million.

“I warmly welcome Ninety Nine’s former clients and look forward to developing additional products to suit our Spanish clients”. It seems that the Dutch platform will continue growing and developing products, as it closed a funding round in 2021 of 80 million dollars to expand across Europe. It is now holding another funding round on Seedrs, which has already raised almost 16 million euros.