A new wave of apps have democratized the concept of investing, bringing the ability to trade in stocks and currencies to a wider pool of users who can use these platforms to make incremental, or much larger, bets in the hopes of growing their money at a time when interest rates are low. In the latest development, Bux — a startup form Amsterdam that lets people invest in shares and exchange-traded funds (ETFs) without paying commissions (its pricing is based on flat €1 fees for certain services, no fees for others) — has picked up some investment of its own, a $80 million round that it will be using to grow its business.
Alongside this, the company is announcing a new CEO. Founder Nick Bortot is stepping away and Yorick Naeff, an early employee of the company who had been the COO, is taking over. Bortot will remain a shareholder and involved with the company, which will be using the new investment to expand its geographical footprint and its tech platform and services to users, said Naeff in an interview.
“Since we started, Bux has been trying to make investments affordable and intuitive, and that will still be the case,” he said.
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