BUX Reaches 100,000 Users in Germany, Driven by COVID-19

After only a couple of months since BUX launched its zero-commission investing app in Germany, the company revealed that it has now reached 100 thousand clients from the country, after experiencing a surge in new users.

As Finance Magnates reported, BUX launched its app BUX Zero in Germany and Austria on the 8th of June 2020, less than two months ago. Since then, the retail brokerage based in the Netherlands has continued its European expansion by launching in a number of countries.

According to the statement from the company on Wednesday, the coronavirus pandemic has driven the uptake of the investment app within the country. As previously analysed by Finance Magnates, heightened volatility has brought a wave of new traders into the markets, many of them being first-time investors. Part of this wave has also been driven by millennials.

During the COVID-19 outbreak, the overall assets under management by BUX have nearly tripled, the company said. Throughout the pandemic, the company has most recently launched its commission-free app in France.

BUX: the new generation of investors

Commenting on the new clients, founder and CEO Nick Bortot said in the statement: “These last months have marked a significant growth for BUX, thanks to the expansion of BUX Zero as well as a flood of first time investors who are looking to leverage market activity and put their money to work. 

“We’re incredibly excited to welcome a whole new generation of investors in Germany and look forward to further developing our platform and making it the single destination for mobile investing.”

BUX Zero first launched in the Netherlands in September of 2019. Since opening its doors, the company has expanded into Germany, Austria and France. According to the company, this makes BUX the largest neobroker in Europe. In the next phase of its European expansion, the investment provider is targeting the country of Belgium.