BUX Expands in Spain with Acquisition of Local Neobroker Ninety Nine

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BUX Expands in Spain with Acquisition of Local Neobroker Ninety Nine

<p>BUX, a Netherlands-headquartered financial services firm, has expanded its European footprint with the latest acquisition of the retail brokerage arm of Spanish neobroker, Ninety Nine. </p><p>Officially announced on Monday, the acquisition will strengthen the presence of <a href="https://www.financemagnates.com/tag/bux/" target="_blank" rel="follow">BUX</a> in the Spanish retail brokerage category. Its aim for the deal is to gain an existing client base as it will migrate Ninety Nine's retail user base to its platform.</p><p>"We are proud and delighted to help a new group of Spanish clients create a stable investment base and build a better financial future," said BUX's CEO, Yorick Naeff. "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."</p><p>Further, following the acquisition, the Ninety Nine brand will no longer offer B2C brokerage services; it will only focus its resources on providing B2B & B2B2C services to banks, fintech and media groups.</p><p>"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," the Founder and CEO of Ninety Nine, Javier Sanz Álvarez, said.</p><p>"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."</p><p>European Expansion</p><p>BUX offerings in Europe include a range of services like commission-free stock tradings, fractional shares and even trading services with <a href="https://www.financemagnates.com/forex/brokers/bux-rebrands-cfds-trading-platform-to-stryk/" target="_blank" rel="follow">contracts for differences</a> and cryptocurrencies. It now has more than a million customers.</p><p>The platform is aggressively expanding its footprint in the continent; it is now operational in the Netherlands, Belgium, France, Germany, Spain, Italy, Austria and Ireland. In addition, it has a UK subsidiary, which migrated a significant portion of its client base to an EU-based sister company following Brexit. The revenue of the UK company <a href="https://www.financemagnates.com/forex/brokers/buxs-uk-2021-revenue-halved-to-91m-losses-deepen/" target="_blank" rel="follow">halved to £9.1 million</a> in 2021, with a year-end loss of over £4.2 million.</p>

This article was written by Arnab Shome at www.financemagnates.com.

Source: BUX Expands in Spain with Acquisition of Local Neobroker Ninety Nine