By Aisling Finn on Monday 19 October 2020
BUX’s German customers will be able to fund investments in a matter of moments thanks to Yapily’s open banking infrastructure.
Commission-free trading app BUX has partnered with open banking provider Yapily to bolster the investment platform’s product offering in Germany.
The move marks Yapily’s first step into Germany and will see BUX’s German customers fund their accounts and build their investment portfolios through open banking.
Through the partnership, BUX Zero customers, the fintech’s flagship product, will be able to deposit funds into their accounts directly from their mobile banking app, removing the additional steps often required to open accounts and invest in Germany.
Nick Bortot, founder and CEO of BUX and a speaker at the upcoming AltFi Festival of Finance next month said: “Efficiency and ease-of-use are at the core of the BUX Zero investing experience, and by introducing Yapily’s API technology to our platform, we will make the account funding experience even simpler for our German clients.”
“This new generation of investors requires an investing experience that fits their mobile-first lifestyle, and BUX Zero is at the forefront of providing a better solution for retail investors.”
Before the integration of Yapily’s open banking infrastructure, BUX’s investment process was much slower, with customers funding their accounts via bank transfers, which would take at least one day to arrive on average.
Stefano Vaccino, CEO of Yapily, added: “We are integrated with 80% of Germany’s banks, which enables us to provide companies like BUX with the infrastructure they need in order to provide the benefits of open banking to users beyond their native market.”
“Through partnering with BUX, we’re continuing our mission to further expand the reach of open banking across Europe. We believe open banking will enable fairer and better financial products and services for all.”
Now, thanks to the collaboration, Yapily has near-total European coverage of customers, having launched in Spain at the end of August.
The fintech also recently teamed up with Ozone API to help banks and other financial institutions adopt open banking.
BUX has also continued to expand across Europe, with Germany quickly becoming a key market for the Dutch fintech, amassing 100,000 customers in the country just two months after launching.
The investment platform has been busily rolling out its BUX Zero platform across Europe, launching it in Austria and Germany in June, France in July and Belgium in August.
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