Dutch fintech startup BUX expands into Germany and Austria
Dutch mobile investing startup BUX has extended its European expansion with the launch of new app BUX Zero in Germany and Austria.
Already the startup prides itself in having presence across 9 European countries, 2.5 million users and a full-fledged back-end broker, the entire engine that lies beneath the app.
Nick Bortot, Founder and CEO, BUX: “As the economic landscape continues to change across Europe, and it becomes more difficult for younger generations to prepare for their financial future, young Europeans need better options to help them build wealth. With the introduction of BUX Zero in Germany and Austria, we are offering a simplified investing experience for a new generation of investors who are looking for a convenient, inexpensive solution to put their money to work.”
The market activity caused by the Corona pandemic has driven many young investors to the stock markets, in some cases for the first time.This surge in new customers among online brokers shows that first-time investors are taking advantage of a once in a decade opportunity to enter the markets rather than shy away from it.
This unprecedented market activity at the start of the pandemic generated significant capital inflows for BUX Zero, with assets under management almost tripling in March alone. Unlike some of its competitors, BUX Zero did not experience any system failures during this period, a strong confirmation that its own backend broker has paid off. Additionally, BUX Zero has successfully onboarded all new clients without long wait lists.
BUX Zero initially launched in the Netherlands in September 2019, and will be targeting France for the next phase of its European expansion plan for the summer of 2020.