Dutch neobroker BUX Zero enters Ireland in bid to expand across the globe

BUX has launched its zero-commission investing app, BUX Zero, making it the first exclusively mobile platform to offer investing in Ireland, according to the firm.

Available in both the Apple and Google App Store, BUX Zero offers access to trading in more than 2,000 stocks and users can open a free account in minutes, deposit or withdraw money for free at any time.

Yorick Naeff, CEO of BUX, commented: “At BUX, our goal is to create a new, more equitable financial future where anyone has the opportunity to invest and put their money to work. Against the backdrop of the 2008 financial crisis, followed by the tracker mortgage scandal, and, most recently, the impact of Covid-19, Irish people’s trust in the traditional banking sector has been eroded. This, combined with the imminent exit of two of Ireland’s largest banks from the market and the closure of other bank branches across the country, has left consumers with limited choice.”

“As the Irish financial services landscape undergoes rapid change, BUX Zero is giving consumers more options when choosing what to do with their money. Providing an avenue for direct investment, BUX Zero is making commission-free investing accessible for both first time and existing investors by allowing them to easily invest in companies they know and believe in. Irish customers are conscious consumers who are tech and money savvy, with a strong appetite for digital-first financial services. This made our decision to launch in the Irish market an easy one.”

BUX aims to be a platform that not only provides intuitive tools to start investing but the resources to do it responsibly. The rise of retail trading has left many new entrants to the space navigating an often complex environment.

“That’s why we’re committed to providing our users with the tools to be confident in beginning their investment journey. We currently offer educational content including videos, knowledge centres, and market news and are putting more resources behind this everyday because it’s just as important to our clients as having a sophisticated platform.”

BUX has recently raised $80 million (€67 million) in a funding round that will be used to expand the brand globally. Starting in Europe and then focus efforts on scaling internationally. The company has become adept at scaling rapidly thanks to a few key attributes, most notably its custom-built, back-end broker. BUX’s smart order routing system is a competitive advantage against neobrokers using the payment for order flow model, according to the firm.

The Dutch investing app sits on a complex engine that allows BUX to process transactions, send clients to different stock exchanges, and process payments without reliance on a legacy institution.

This backend broker is what drives BUX’s ability to rapidly expand and adapt to local regulations and needs. Leveraging Yapily’s Open Banking infrastructure, BUX users are also able to make simple, hassle-free deposits into their accounts.

BUX Zero is regulated by the Dutch Authority for Financial Markets (Autoriteit Financiële Markten – AFM) already boasts half a million clients across Europe, namely in the Netherlands, Germany, Austria, France, and Belgium.