ABN Amro-Owned BUX Fined €1.6M for Paying Finfluencers – A Turning Point for Fintech Marketing?
The Netherlands Authority for the Financial Markets (AFM) has imposed a €1.6 million fine on BUX, a popular European neobroker owned by ABN Amro, for violating the country’s inducements ban. The fine targets BUX’s past practice of paying financial influencers (“finfluencers”), existing customers, and comparison websites to introduce new clients.
This decision marks a significant regulatory crackdown on fintech marketing practices, raising important questions about the future of influencer-driven promotions in the financial services industry.
The Violation: What Did BUX Do Wrong?
BUX, which operates an investment platform offering stocks, ETFs, and investment plans across Europe, relied on referral fees as a customer acquisition strategy. The company paid finfluencers, existing clients, and comparison websites for referring new users— a common growth tactic in the digital finance space.
However, under Dutch regulations, such payments fall under the inducements ban, which prohibits financial firms from offering monetary incentives to third parties for client referrals. AFM ruled that BUX’s referral program was a violation of this rule.
BUX’s Defense: A Timing Issue?
In response to the fine, BUX’s CEO, Yorick Naeff, clarified that the company had already stopped referral payments in April 2023, months before ABN Amro acquired it. He emphasized that the referral fees were funded entirely by BUX—not at the expense of customers.
Despite these justifications, AFM proceeded with the fine, signaling a zero-tolerance approach toward fintechs using referral-based marketing strategies.
The Bigger Picture: EU Crackdown on Fintech Promotions
This ruling is not an isolated case. Regulators across Europe are tightening rules on fintech marketing, particularly in the investment and trading space. Several key trends emerge from this crackdown:
1. Stricter Regulations on Finfluencer Marketing
Finfluencers have become powerful customer acquisition tools for fintech brands. However, regulators are increasingly concerned about:
✔️ Lack of transparency – Many influencers fail to disclose their paid partnerships adequately.
✔️ Unqualified financial advice – Some finfluencers promote investment products without the necessary expertise.
✔️ Consumer protection risks – Retail investors could be misled by overly optimistic marketing.
2. The End of Referral Incentives?
Referral programs—where companies reward users for bringing in new customers—have been widely used by fintechs to drive growth. However, this case suggests that European regulators may view such incentives as inducements, making them a high-risk marketing strategy.
3. Banks and Fintechs Need Compliance-First Marketing
With increased scrutiny, banks, neobrokers, and investment platforms will have to rethink their marketing strategies. The focus will shift toward:
🔹 Educational content rather than direct promotions.
🔹 Regulator-approved advertising instead of influencer-based campaigns.
🔹 Stronger disclaimers and transparency measures.
How Will This Impact Fintech Growth?
For fintech startups and neobrokers, customer acquisition is a major challenge. Many companies heavily rely on digital marketing strategies, including influencer partnerships and referral incentives, to compete with traditional banks.
With stricter marketing rules, fintechs may need to:
✅ Invest more in organic content marketing (blogs, webinars, financial education).
✅ Explore compliance-friendly advertising methods (Google Ads, LinkedIn campaigns).
✅ Build stronger partnerships with financial regulators to ensure their marketing is legally sound.
Final Thoughts: A Wake-Up Call for Fintech Marketing
The €1.6 million fine against BUX is more than just a penalty—it’s a warning shot for the entire fintech industry. As regulators across Europe tighten rules on finfluencer marketing and referral incentives, financial brands must adapt to a new, compliance-driven marketing landscape.
What’s Next?
🚀 Will other European regulators follow AFM’s lead?
🚀 How will fintechs adjust their marketing strategies?
🚀 Could this impact influencer marketing beyond financial services?
One thing is clear: the fintech industry must evolve quickly or risk falling into the same regulatory traps as BUX.
