The latest UKTN Podcast is out now. This week’s guest is Yorick Naeff, the CEO and co-founder of BUX, Europe’s fastest-growing neobroker.
Founded in 2014, BUX provides retail investment services that lets consumers invest in stocks, exchange-traded funds (ETFs) and cryptocurrency.
The European rival to Robinhood has raised just over $115m in funding, with $80m of that coming in April last year.
During the show, Naeff tells UKTN Podcast host Mark McDonagh how BUX secured those funds, and how the company has grown to over 700,000 users across the continent.
Naeff began his career in investment banking before becoming one of the first hires at BUX, where he was responsible for the mobile broker’s operations.
Last year he took on the CEO role at BUX and tells the UKTN Podcast about the “powerful” advantage of having someone in-house take the reins.
“Having somebody [come in as CEO] externally, before that person can actually be as productive as a person internally, that just takes so much time,” said Naeff. “And that’s time you often don’t have, especially in a fast scaleup environment.”
Naeff also discusses the challenges of expanding across Europe and how the investment app model can’t be copied and pasted across different markets.
The Amsterdam-headquartered company is registered with the UK’s Financial Conduct Authority. Naeff explains why it’s important for a business to have local people on the ground to understand the consumer.
“It’s not just a language barrier. It goes much further than that,” says Naeff.
Elsewhere on the show, Naeff talks about the importance of building a great support team, explains why competition is good for the brokerage market and shares insights on BUX’s acquisition of Blockport to build out its cryptocurrency offering – as well as venturing into NFTs.
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The UKTN Podcast is sponsored by Uncapped, which provides no-equity investments from £10,000 to £5m to the founders and companies who are changing the world.