Dutch neobroker BUX has stregthened its position in Spain with the acquisition of the retail brokerage arm of B2B embedded finance platform Ninety Nine.
BUX enables its one million users to invest in fractional shares, ETFs and cryptocurrencies, or put their investing on a monthly autopilot with a BUX Savings Plan. The neobroker is currently available in the Netherlands, Belgium, France, Germany, Spain, Italy, Austria and Ireland.
The acquisition of Ninety Nine's retail brokerage unit will remove a key competitor from the Spanish market, where the firm launched its BUX Zero trading app in November 2021.
Yorick Naeff, CEO at BUX, comments: "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."
Upon completion, Ninety Nine will focus exclusively on the B2B market, providing the technology for fintechs to launch retail investing services for US and European equities, ETF and Cryptos
Javier Sanz Álvarez, CEO and founder of Ninety Nine, says: "We have been working for over a year and a half on our B2B strategy, and while it was a difficult decision, we have decided to focus all our efforts on it. However, our clients are still very important to us so we have been working with BUX to provide them with a great alternative to continue investing, including two free shares as a welcome gift, free migration to the BUX platform, and fees almost 50% lower than current ones."