On Wednesday, Amsterdam-based neobroker BUX announced that it has launched its commission-free investing app, BUX Zero, in Spain. Spain is the seventh country where BUX now operates.
“The launch of BUX Zero in Spain marks a milestone in the race to offer a more accessible and intuitive investment experience for everyone. We believe that those who want to build future wealth can do so with the right guidance and a platform that makes buying and selling shares more intuitive and affordable,” says Yorick Naeff, CEO of BUX.
According to the Bank of Spain, Spaniards saved more during the first year of the pandemic (2020), accounting for 14.8 per cent of disposable income, the highest amount since the first study in 1995. Lockdowns and restrictions caused Spaniards to stockpile savings estimated at around €30B, says the report.
In research conducted by Kantar on behalf of BUX, 34 per cent of Spaniards who are not investing cite a lack of knowledge as the primary reason. Hence BUX aims to provide resources for clients to help make more informed investment decisions.
“With interest rates on savings dropping to all-time lows, we believe there is no better time to start investing. With BUX Zero, we are offering a more affordable, intuitive, and more accessible path to preparing for the future,’’ adds Naeff.
Helping with resources
BUX Zero clients in Spain will now find the Newsroom where they can access daily financial and stock market-related news, weekly jargon-free stock market news written by an in-house editorial team, and more.
Additionally, clients can also build their knowledge base in BUX’s Knowledge Center through articles and educational videos that explain investment topics in simple terms within minutes.
In April, the company raised $80M (approx €66.47M) in a funding round from Prosus Ventures and Tencent.
Founded by Egbert Pronk, Joost van de Wijgerd, Nick Bortot, and Robbert Bos, BUX is a neo broker and has been making it easy and affordable for Europeans to do more with their money since 2014. It has over 600,000 clients.
It currently offers three apps to explore the financial markets, including BUX Zero, its flagship platform that is making commission-free trading possible, allowing users to invest in the brands and companies they care about.
The full range of BUX products, including BUX Crypto, which allows users to invest in real cryptocurrencies, and BUX X, where users can trade in contracts for difference (CFDs), are available across Europe.
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