BUX Announces Acquisition of Spanish Neobroker Ninety Nine's Retail Arm

European mobile brokerage firm BUX announced that it has acquired the retail brokerage arm of Ninety Nine, an innovative Spanish broker, without releasing the financial terms of the transaction.  

Reportedly, as part of the transaction, Ninety Nine will no longer provide retail services in Spain, but the operation of its B2B business with brokerages and banks in the region will continue. The deal is expected to help BUX boost its Spanish market share.

"We are proud and delighted to help a new group of Spanish clients create a stable investment base and build a better financial future," commented Yorick Naeff, CEO at BUX. "Thanks to this acquisition, Ninety Nine users will have access to a wide range of services provided by BUX, such as investing in Spanish, European and US stocks, ETFs, cryptocurrencies, fractional investing and the BUX Savings Plan. I warmly welcome Ninety Nine's former clients and look forward to developing additional products to suit our Spanish clients."

Ninety Nine' CEO and founder Javier Sanz Álvarez added: "I am happy that in BUX we have found a partner to whom we can entrust our retail customers with peace of mind. We have been working for over a year and a half on our B2B strategy, and while it was a difficult decision, we have decided to focus all our efforts on it. However, our clients are still very important to us so we have been working with BUX to provide them with a great alternative to continue investing, including two free shares as a welcome gift, free migration to the BUX platform, and fees almost 50% lower than current ones. I believe our retail clients will be satisfied with this solution."

Recently, BUX Financial Services Limited, BUX's UK business, has released its annual financials for the 2021 fiscal year ending 31 December, showing a significant decline of 49% in its turnover to £9.2 million​, compared to previous year's £18 million.