BUX looks to boost Spanish marketshare as it buys retail arm of neobroker Ninety Nine
The deal will see Ninety Nine become a B2B technology provider, exiting the retail space.
Dutch neobroker BUX has acquired the retail arm of its Spanish rival Ninety Nine, in a deal which will see Ninty Nine exit the B2C market entirely.
All of Ninety Nine’s existing retail customers will be moved across to BUX, with its Spanish competitor agreeing to no longer cover the retail investor market in Spain and instead focus on offering B2B and B2B2C services to banks and fintechs.
"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.”
The deal looks set to be great news for existing users of Ninety Nine, as BUX has fees that are almost 50 per cent cheaper than what they currently pay, and the company will be gifting each user two free shares as a welcome gift.
“I warmly welcome Ninety Nine's former clients and look forward to developing additional products to suit our Spanish clients,” added Naeff.
“With these two brands we aim to differentiate between two types of investors: those in it for the long term can choose BUX Zero, and those trading for the short term can continue to use all of the functions loved in BUX X, but now with Stryk,” Naeff explained at the time.