Casual Trading App BUX Raises $6.9 Million
BUX, the trading app that makes trading and investing in the financial markets accessible to everybody, has closed a third financing round of $6.9 million to further accelerate its impressive growth across Europe.
Since launching over a year ago, BUX has welcomed over 350,000 users and is available in the United Kingdom, the Netherlands, Germany and Austria. In these countries the company has managed to open up the financial markets to an entirely new audience: 60% of “BUXsters” are younger than 34 years old, and 78% of them have little to no previous trading experience*. Therefore first time traders begin trading with virtual money in order to allow them to discover the stock market in a risk-free way. After that, they can choose to convert to real money. In total BUX has processed €3 billion in total trade value
Lead investor of this round was Berlin / Munich based Holtzbrinck Ventures, one of the leading independent European funds for startup businesses. They have played a key role in helping successful Internet startups like HelloFresh, Groupon, Audible and Seatwave grow.
Holtzbrinck Ventures’ participation endorses BUX’s mission to disrupt and re-invent traditional brokerage for a new generation: “BUX provides access to the financial markets to a generation that grew up in the age of growing distrust of financial organizations. They’re currently disengaged with the traditional concept of investing and trading. BUX successfully appeals to these ‘Millennials’. They do so by making share trading extremely straightforward, by adding social and game elements to make trading more attractive and educational and by offering trading in a very responsible way.” Said Barbod Namini from Holtzbrinck Ventures
Nick Bortot, CEO of BUX explained: “Entering the German market is an important step in our European expansion. That’s why we’re very excited to have top tier German Venture Capital firm, Holtzbrinck, on board as one of our main shareholders. In addition to the European roll out, the funding will help us further improve our customer experience. Since launch, the BUX app has grown beyond trading and has turned into a social platform where users share thousands of tips and tricks every day. We plan to continue to add new and improved trading and social features for our community.”
Other investors participating in this round are FinTech VC Orange Growth Capital and Velocity Capital, who both have already participated in earlier BUX funding rounds.
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