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BUX

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One of Europe’s fastest growing neobrokers, on a mission to make investing easier and more affordable.

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Funded 10 Oct 2022
€15,800,000 target
€16,685,410 from 0 investors
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Business overview

Location Amsterdam, Netherlands
Social media
Website www.getbux.com
Sectors Finance & Payments Digital B2C
Company number 58402357
Incorporation date 18 Jul 2013
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Investment summary

Type Convertible
Discount 20%
Share price N/A
Tax relief N/A
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Business highlights

  • 1M+ users across 8 European countries
  • €1Bn Notional Value traded per month
  • Launched native utility crypto - the BUX Token. 65M+ supply
  • Backed by world-class investors like Tencent, Prosus & HV Capital
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Key features

  • Secondary Market
  • Seedrs nominee min. €10.00 +
  • Idea
  • Key Information
  • Team
  • Updates
  • Investors 0
  • Discussion
  • Documents

Learn more about convertible campaigns.

Idea

Introduction

BUX has an expansive vision - to become the leading neobroker in Europe. To achieve this, we’re going to make investing easy and affordable for all. Empowering people to make better financial decisions, whatever their goals.

In 2014, we launched our first product, a CFD trading platform that is currently known as Stryk. Stryk remains an important part of the business, but today our focus is on providing long-term investing solutions.

In 2020, we launched our flagship product, BUX Zero. A retail investment platform encouraging people to build long-term wealth by providing easy access to stocks, ETFs and crypto. With low commissions, intuitive design and a focus on education, BUX Zero continues to go from strength to strength.

To reach our ambitious goals we’ve built a committed, talented international team of over 200 employees across 3 offices in London, Amsterdam and Cyprus.

Substantial accomplishments to date

Monetisation strategy

At BUX, we have a variety of different revenue streams.

- Commissions: We charge €1.50 for specific transactions, such as Market Orders and Limit Orders for EU shares and ETFs. (Unlike other brokers, this is a flat €1.50 fee, not a % of the order amount).

- FX markup: We charge a FX markup of 0.35% for orders during trading hours, and 0.7% for orders during extended hours trading. (Extended hours trading will go live on BUX Zero from October 31st).

- Savings Plan: We also charge users €1 per month for each active savings plan on their account.

- Securities lending: We practice securities lending, for which we always insist on sufficient collateral.

- Crypto: We charge markup on the spread for buying and selling cryptocurrencies. We also charge a 0.5% commission on all crypto orders - however for users with 1,000+ BUX Tokens, commissions are waived.

As the business continues to grow we are planning to introduce additional revenue streams, such as subscriptions, to make investing even more convenient and affordable for our customers.

Use of proceeds

Key Information

Reflected Investment

Please note, 15.6M EUR of the investment reflected in this campaign was received by the Company in the 6 months prior to the launch of the investment round on Seedrs and the Company has started putting this to use.

Advanced Subscription Agreement Key Terms

This investment round is being raised by way of a convertible equity investment structure, in this case an "advanced subscription agreement" (the “ASA”).

The key terms that apply to the Company’s ASA are set out below. See also attached Key Terms document for further details.

This convertible differs in a few key ways from Seedrs standard convertible instrument, so please read carefully.
Conversion
Conversion is triggered by ("Trigger Events"):

- An Equity Fundraise – defined as the Company raising bona fide equity investment of at least 40,000,000 EUR from one transaction or a series of transactions, in exchange for the company issuing equity shares;

- A Change of Control of the company (transfer which would result in a transferee holding more than 50% of the share capital); or

- An IPO – being a listing of the company’s shares on a recognised stock market or secondary market.

- The Maturity Date being passed (being 2 years from the date the ASA is entered into), where none of the other Trigger Events occur beforehand.

(2) Conversion share price
On the occurrence of an Equity Fundraise or IPO, your investment will convert at the lower of:

- A 20% discount to the valuation set by a Trigger Event; and

- A valuation cap of 500,000,000 EUR. Please note, the discount will also apply to the Valuation cap.

On the occurrence of a Change of Control, your investment will convert at:

- the lowest price per share offered by the purchaser, less the discount;

- where no price can be determined, Fair Market Value less the Discount; or

- where lower than the above, the Valuation Cap less the discount.
On the passing of the Maturity Date, your investment will convert at the share price of Bux’s previous priced round, being EU 24,89.


Maturity Date

Please note that only Seedrs’ ASA will benefit from a Maturity Date, the other investors in this round will not have a Maturity Date and will convert only at the occurrence of one of the other Trigger Events.

This is because some of the Bux’s investors have a cap on the percentage holding they can have in the company. Converting at a longstop date could mean they exceed this cap. This means that if the Seedrs ASA converts at the Maturity Date, it is possible that the other investors’ ASA could convert at a different and potentially lower share price.

In order to offer additional protection to Seedrs investors, the company has agreed that if these direct investors’ ASAs convert within 6 months of Seedrs investors’ ASA at a lower share price, Seedrs investors will receive bonus shares such that they retrospectively benefit from the same share price. Should the direct investment convert at a lower share price than Seedrs investors after the 6 month period lapses, Seedrs investors will not receive bonus shares.

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Open an account and verify your identity to get access to the BUX pitch deck and other documents

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Share on:

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited ("Seedrs"), which is authorised and regulated by the Financial Conduct Authority. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Seedrs platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Seedrs platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Seedrs does not make investment recommendations to you. No communications from Seedrs, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Seedrs does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Seedrs, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from Convertible

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

Pitch type

There are 5 types of investment pitch available on Seedrs.

  • Equity
  • Convertible
  • Fund
  • Cohort
  • Secondary

Investing in a convertible campaign allows you to invest today, with your investment converting into equity in the future, at a discount compared to other investors.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Seedrs nominee

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Seedrs nominee.

Find out more

Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

Find out more

Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Seedrs Nominee). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

Find out more

Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Warning

You are following a link outside of www.seedrs.com.

None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

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