Prosus, Tencent lead $80m round for Bux

ABN Amro Ventures, Citius, Optiver and Endeit Capital also took part in the round, alongside previous backers HV Capital and Velocity Capital Fintech Ventures.

Following the deal, Bux CEO Nick Bortot will hand over the leadership of the company to its current chief operations officer, Yorick Naeff. Bortot will remain involved in the company management as a member of the non-executive board.

Bux plans to use the fresh capital to consolidate its market position, boost its international expansion and add new features to its Bux Zero app.

Previous funding
Finch Capital first backed the startup in 2014. A year later, Initial Capital and Velocity injected $1.9m into Bux to help it expand across Europe. The three VCs subsequently took part in a $6.9m round for the company in 2016.

Holtzbrinck led the €10.6m series-C for Bux in 2017. Velocity and other angel investors also participated in this round.

More recently, Velocity and Holtzbrinck injected $12.5m into Bux in June 2019. The funding round also included debt financing from Kreos Capital.

Company
Established in 2014, Bux's app allows its users to invest in shares and exchange-traded funds without paying commission.

The company has launched its Bux Zero app in Germany, France, Austria and Belgium, reaching around 500,000 customers.

People
Prosus Ventures – Sandeep Bakshi (head of Europe investments).
Tencent – Alex Leung (assistant strategic development).
Bux – Yorick Naeff (CEO).

Advisers
Company – Royal Park Partners (corporate finance).

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