Interview with Nick Bortot – Founder and CEO BUX

Can you tell us something about yourself and your career?

Yes of course! I studied business administration and then political science. This was mainly because I did not know what I wanted to do back then. After my studies I started working at Citibank, which was the largest bank in the world at the time. I did not like working there because it was far too big. During my time at Citibank I have been in America for a while. It was the ‘90s, I already had an affinity with investing and I saw that the internet was growing rapidly. In the US there already were a few online brokers, but not yet in Europe. I became very excited about it because it is a combination of both the internet and investing. Then I met two guys who wanted to start an online broker for themselves and they asked me if I wanted to participate. That was the beginning of BinckBank. I have worked there for more than 12 years. Binck grew very fast and when I left the company we had more than half a million customers and a market value of more than a billion.

I had a great time at Binck, but at a certain point I wanted to do something different. In my lifetime I have spoken with many investors, but also with people who were interested in investing but who did not yet invest because they thought it was too complicated. I have always found of that second group an interesting one. I thought to myself: let’s go and make something that gives everyone the opportunity to trade. I am fascinated by the stock exchange and I like to share that fascination with other people. My idea was to come up with a product that makes access to the exchange super simple, cheap, but ultimately fun. Trading is not only about making money. It is also interesting, fun and exciting. That is why we did not want to set up an ordinary financial brand, but a brand that communicates in a completely different way and that in particular focuses on young people. That has become BUX and I have been working on that project for five years now.

How did you experience the transition from working at a large corporation to starting your own company?

I had been involved in the early years of Binck, so I already knew the startup life. It felt like your own business because all of us were very involved. I do have to say it is a big change when you manage a department of 700 people and then you suddenly are at home, all by yourself, working on your laptop in order to come up with a plan. In the end I do see myself more as an entrepreneur.

What does your working week usually look like?

It’s impossible to answer that question in a simple way. In any case, I try to be in meetings as little as possible and I am at the office five days a week. We do not often see our customers, because we do everything by using our app. Because of that we do a lot within the company: for example working out strategies and ensuring that they are carried out. In addition, I am responsible for general management, marketing and recruitment. We hire many software developers, but also new employees for the marketing and support department. We are looking for good people who fit our culture. I think it’s very important that everyone likes his or her job. I believe that if you hire good people who are happy, they will create beautiful things for customers. This way our customers will also become happy and ultimately also the shareholders.

What is your strategy for further growth?

At this moment we are working on new apps and we are expanding the reach of our current app. We are now doing business in 9 countries, but in many of those countries we still have to work on brand awareness. Our main goal is to bring in more users. In addition, we are working on an app for trading stocks. We want to create a brand with BUX that offers all kinds services that revolve around the stock market and investing, whether it is for short-term trading or for long-term investments. We have even been working on a crypto app. Unfortunately, it is impossible to do everything at once. The stock market app now has our highest priority and for the time being we will only be available via mobile apps.

“Also look for a good team, because that’s where it all starts. Nobody can do everything, so find one or two partners who are good at something you are less good at so that you are extremely good together.”

What is the biggest setback that you had to deal with and how did you deal with it?

You constantly have setbacks, but they are all challenges that you can overcome. One of the founders of Binck once said to me: “Entrepreneurship is going from one problem to the next”. After some time and experience you will learn to deal with it.

What do you value most in your work?

I feel good when colleagues and customers are happy and I love to make beautiful things with the team. I also really like it when we are mentioned in the media in a positive way. Of course I’m also interested in the numbers. It is still a measure of how well you are doing. We are not yet making a profit however. You always have to strive for it in the long term, but growing is more important to us right now.

What do you think about the competition between BUX and, for example, Binck or DeGiro?

We are complementing each other at the moment. There are many people who, for example, hold a stock portfolio at Binck and at the same time trade more actively on BUX  with a smaller amount of money. At this moment we are not yet competing with one another. That might change after we introduce a new product. I think Binck particularly attracts an older target group and we a younger one. Occasionally, some customers leave, but that is just business. We do not want to lose too many customers because the app gets too complicated. We ultimately stand for simplicity and easy access to the stock exchange.

Do you have any tips for students who would also like to start their own startup?

You just have to do it! You will probably fail a few times, but you learn most by doing things. Also look for a good team, because that’s where it all starts. Nobody can do everything, so find one or two partners who are good at something you are less good at so that you are extremely good together. Having a good idea is fun, but you need a good team to make it a success!