ABN AMRO completes acquisition of BUX

ABN AMRO Bank NV has officially completed the acquisition of BUX, a Dutch neo-broker, which entered into an acquisition agreement in December 2023.

Now a wholly owned subsidiary of ABN AMRO, BUX will continue to operate as a separate entity. This means the neo-broker will retain the innovative approach that is popular with a new generation of investors, while sporting the “approved logo.”

ABN AMRO and BUX clients can count on innovative solutions designed to enhance their investment journey. Initiatives to build bridges between the two platforms are already underway, the companies said.

Founded in 2013, BUX is a European mobile brokerage firm based in Amsterdam and London that enables retail investors to buy stocks, ETFs, and cryptocurrencies via the BUX app. BUX allows users to trade CFDs via the Stryk app and trade cryptocurrencies using the BUX Crypto platform.

After several changes, including the acquisition of Spanish broker Ninety Nine and the renaming of BUX Zero to BUX, which failed to achieve any particular break-even effect, the neobroker was finally acquired by its largest partner, ABN AMRO, the provider of fractional investment infrastructure for BUX.

In addition, since 2019, BUX and ABN AMRO Clearing have enjoyed a successful partnership that combines the bank’s technology with the BUX app. In 2022, BUX became the first broker in Europe to offer fractional European ETFs in partnership with ABN AMRO Clearing Bank. Together, they have built technology that enables investors with smaller budgets to buy fractions of shares or ETFs.

Cryptocurrency offer outside the contract

BUX has become one of the leading neo-brokers in Europe, serving 500,000 clients and operating in eight markets.

They say the acquisition gives ABN AMRO and BUX the combined No. 1 position in the Netherlands for investors looking to start building their wealth. The acquisition of BUX also contributes to ABN AMRO’s pan-European growth ambitions. The acquisition did not include BUX’s cryptocurrency business.

BUX and ABN AMRO together offer an attractive range of investment and savings products to both new investors looking to explore the world of investing and more experienced clients with larger investment portfolios.

ABN AMRO moves venture division to Motive

ABN AMRO and BUX are no strangers. ABN AMRO’s venture arm, formerly known as ABN AMRO Ventures, was one of the first firms to invest in BUX. Reasons for the deal may include the recent change in ownership of the venture arm, which was completed this week.

ABN Amro has transferred its corporate venture capital operations to Motive Ventures, a specialist investor in the financial technology sector. Several members of the investment team, including the team’s managing director, Hugo Bongers, have joined Motive Partners as partners.

Theme, private equity firm focused on fintech and business services, took over management of $150 million in assets under management from ABN Amro Venture Fund, including 15 early-stage companies. ABN Amro became a significant investor in Motive Ventures. Tim Wanders, an executive director at ABN Amro Ventures, also joined Motive Ventures as a director.

“This allows us to better serve a new generation of investors”

Annerie Vreugdenhil, Chief Commercial Officer Personal & Business Banking, said: “I am very excited that BUX has officially joined the ABN AMRO family. We want to be there for our customers, every step of the way. Together with BUX, we can help customers take control of their financial future early in their lives. BUX makes this much easier with its innovative and user-friendly platform. We look forward to building on this and improving our offering for future generations.”

Yorick Naeff, CEO of BUX, commented: “We are proud to have successfully completed this acquisition. We believe in putting our users’ financial goals first and strive to make investing easier and more affordable for everyone. Through this partnership, we combine ABN AMRO’s extensive expertise in private finance and investing and the bank’s many years of experience with the solutions BUX offers through our accessibility, next-generation knowledge and user-friendly investment platform. This allows us to better serve a new generation of investors while maintaining our speed, agility and unwavering commitment to innovation.”