Backbase Secures $128 Million Funding from Motive Companions

• Backbase raised $128 million (€120 million) in progress fairness funding this week.
• The spherical was led by non-public fairness agency Motive Companions, and gave the corporate a valuation of $2.6 billion (€2.5 billion).
• Backbase’s Engagement Banking Platform allows banks and credit score unions to leverage a cloud-based platform to supply financial institution clients seamless digital experiences.

Engagement banking platform Backbase secured $128 million (€120 million) in progress fairness funding from non-public fairness agency Motive Companions. The funding offers the corporate, which made its most up-to-date Finovate look at FinovateFall 2021, a valuation of $2.6 billion (€2.5 billion). The funding additionally marks Backbase’s first-ever funding occasion since its founding in 2003.

“In the present day is a serious milestone for greater than 2,000 Backbasers and 150 clients world wide, to have a good time the unimaginable progress we made,” Backbase founder and CEO Jouk Pleiter stated in a press release. “With this partnership, we’re even higher geared up to drive our Engagement Banking imaginative and prescient to the following degree.”

The funding from the “founder-friendly” agency will allow Backbase to commit extra sources to its Engagement Banking answer, serving to energy the corporate’s mission to “re-architect” banking in a customer-focused means. Backbase’s know-how offers banks and credit score unions the power to maneuver away from disconnected, level and channel options. As an alternative, with Backbase’s cloud-based platform, monetary establishments can construct frictionless buyer journeys throughout all phases of the shopper lifecycle from onboarding and servicing to lending and increasing pockets share.

With greater than 150 monetary establishments world wide utilizing its know-how, Backbase offers banks and credit score unions the power to rapidly digitize and rework their customer-facing operations to fulfill the expectations of more and more digitally-savvy banking clients. At its most up-to-date Finovate look final fall, Backbase demonstrated a buyer onboarding answer that consolidated a buyer’s funds by way of direct deposit, billl pay auto linking, and debit card account opening. The know-how confirmed how monetary establishments can get key insights into their clients and empower them to take extra management over their monetary lives.

“Backbase’s confirmed observe report of entrepreneurship and natural progress will proceed,” Jouk stated. “Our formulation is easy: deal with the wants of our clients and empower extremely expert groups to ship. We’re altering a giant trade, which is difficult work. Having vital mass and market momentum permits us to remain laser-focused. Collectively we’re making it occur.”

Based in 2003, three-time Finovate Better of Present winner Backbase maintains a worldwide headquarters in Amsterdam.

Picture by SevenStorm JUHASZIMRUS