ABN Amro Bank agreed to acquire online broker BUX BV as the Dutch lender aims to boost its retail investment and digital presence.

Amsterdam-based BUX is one of Europe’s leading mobile brokerage firms with 500,000 clients across eight countries, ABN Amro said on Thursday (Dec 14) in an emailed statement. Terms of the acquisition weren’t disclosed. 

BUX’s shareholders include company management as well as internet investor Prosus’ venture unit, Tencent Holdings, German venture investor HV Capital and Velocity Capital Fintech Ventures of the Netherlands.

The acquisition is coming at a time when fintech valuations under pressure because of the surge in interest rates over the past 18 months. Meanwhile, lenders are in a sweet spot where they can charge more for credit after central banks abandoned years of near-zero interest rates to control inflation.

More than 90 per cent of BUX’s clients are based in the Netherlands and Belgium, according to BUX chief executive officer Yorick Naeff. The company, which allows its clients to trade shares and exchange-traded funds, reported revenue of more than US$21.6 million in 2021.

BUX is an attractive firm for ABN Amro because it appeals to “younger, starter investors,” said Annerie Vreugdenhil, ABN Amro’s chief commercial officer for personal and business banking. “We knew them quite well, we have been an early investor,” she said by phone. BLOOMBERG

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