Dutch banking giant ABN AMRO acquires neobroker BUX after cost-cutting drive
BUX was recently forced to withdraw from the UK market and reduce its headcount
Amsterdam-based trading app BUX has been acquired by its clearing provider and minority investor, ABN AMRO.
The deal comes at the end of a challenging 2023 for BUX, which started the year with news that a potential €100m+ acquisition by N26 had fallen apart, and closed the year with a withdrawal from the UK market and layoffs.
BUX was founded a decade ago in 2013 and today counts over 500,000 clients on its platform, in 2019 it struck up a partnership with ABN AMRO Clearing to licence the bank’s technology.
Following the acquisition, the combined BUX and ABN AMRO will immediately become the leading investment platform for investors in the Netherlands and the deal is said to include “additional growth investment” to accelerate the growth of BUX.
Curiously the deal is said to not include BUX’s crypto trading offering, leaving the future of this product unclear.
"We've always had the ambition to be the leader in Europe's retail investment arena, and joining forces with ABN AMRO is a crucial stride towards achieving this goal,” Yorick Naeff, CEO of BUX said.
“We strongly believe that at BUX, our speed, agility, and relentless drive for innovation, merged with ABN AMRO's deep expertise in personal finance and decades-long reputation, form a synergy unparalleled in the entire investment sector.”
BUX last raised funding in April 2021 as part of an $80m round that funded its short-lived venture in the UK, at the time co-founder Nick Bortot also handed over the title of CEO to Naeff.
The acquisition is subject to approval by the regulator and both companies say it is expected to be finalised sometime in 2024.