Backbase pulls in €120m from Motive Partners

Backbase, which created an engagement banking platform, has raised €120m in growth equity funding from Motive Partners.

The funding saw Backbase valued at €2.5bn.

Founded in 2003 in Amsterdam, Backbase is a financial technology company on a mission to re-architect banking around the customer. Its whitelabel engagement banking platform empowers banks and credit unions to rapidly digitise their customer-facing operations and create journeys that meet and exceed the expectations of today’s digital-savvy customers.

Backbase said most bank struggle with a patchwork of disconnected, point and channel solutions that were never designed to service customers holistically. The investment, the company explained, will allow it to double down on its vision for engagement banking and accelerate its mission of re-architecting banking around the customer.

Jouk Pleiter, founder and CEO of Backbase, said, “Today is a major milestone for more than 2,000 Backbasers and 150 customers around the world, to celebrate the incredible progress we made. With this partnership, we’re even better equipped to drive our Engagement Banking vision to the next level.

Neil Cochrane, Partner at Motive Partners, added, “Backbase continues to lead an innovative category underpinning the banking sector, and we believe that together we have a unique growth opportunity to build upon Backbase’s strong foundations. As Backbase continues it’s growth journey, we’re excited to leverage our team’s depth of expertise alongside Jouk and the team.”

Cypriot bank Hellenic Bank launched an online retail banking platform, built in partnership with Backbase. Built on Backbase’s Engagement Banking platform, the mobile app offers a host of pre-built technology solutions allowing institutions to own and orchestrate every step of a customer’s banking journey.

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