The deal will help BUX to expand its footprint in Spanish retail brokerage sector. Credit: geralt from Pixabay.

Dutch neobroker BUX has reached a deal to purchase the retail unit of Spain-based neobroker Ninety Nine for an undisclosed amount.

Through the deal, BUX seeks to expand its footprint in Spanish retail brokerage sector.

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The deal will allow Ninety Nine clients to continue to invest with BUX.

It will also see Ninty Nine quitting the business-to-consumer (B2C) industry. The firm will retain its business-to-business (B2B) and business-to-business-to-consumer (B2B2C) operations.

BUX CEO Yorick Naeff said: “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.”

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Earlier this year, BUX launched fractional investing in various European indices such as the Netherlands’ AEX, Belgium’s BEL20, France’s CAC40 and Germany’s DAX40.

The fintech firm currently has operations in the Netherlands, Belgium, France, Germany, Spain, Italy, Austria, and Ireland.

Ninety Nine CEO and founder of Javier Sanz Álvarez said: “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.”