$12.5 Million Raised by BUX
BUX, a retail brokerage operating in the Netherlands announced on Wednesday, June 12, 2019, that they’ve successfully raised $12.5 Million in funding. Their newly acquired funds will be put towards the procuring Avondo Markets Limited, possessing this United Kingdom regulated brokerage will allow for BUX to sustain higher standard for clients. The money earned in their fundraising round came directly from Holtzbrinck Ventures and Velocity Capital.
An Investing Partner with Velocity City, William Stein, commented on the fundraising event by saying, “The future of investing is changing, and BUX is uniquely positioned to shape the neo-brokerage space in Europe. The FinTech’s that will succeed in this environment will be those who can specialise, localise and adapt to the varied cultural needs of the European landscape.
This funding round for the Netherlands, Amsterdam-established brokerage brings the firm to a total of $35 Million raised in their lifetime. It’s not surprising that this Forex Firm took the route of funding, as they expressed back in February that they wanted to acquire Avondo Markets Limited. However, at the time there was no definitive answer on if the deal would move forward.
Avondo and BUX have both worked with each other regularly, with AML providing all of the back-end operations that BUX Trading Platform requires to perform optimally. If this deal pans through, this will mark the first time in five years that BUX has taken over another brokerage. Clients currently using the Avondo exchange will continue to have their accounts maintained by BUX after the acquisition has gone through.
BUX stated on Wednesday, June 12, 2019, by saying “The AML acquisition gives BUX control over the full value chain including a full brokerage license, back-end technology and operations. It will take away any external dependencies and allow us to serve our customers even better and make it easier to introduce new features more quickly.”