Backbase, a leading Engagement Banking platform, raised EUR120 million in growth equity funding from Motive Partners. The company is also now partnering with a Fintech specialist private equity firm to strengthen its claim in the Engagement Banking category having grown organically to over EUR200 million in revenue.
Motive Partners is a founder-friendly partner, fully supporting Backbase in remaining an independent force and driving the Engagement Banking strategy by continuing to focus on customer-centric innovation that transforms the financial services industry’s siloed channels and legacy applications.
Most banks struggle with a patchwork of disconnected, point and channel solutions never designed to service the customer holistically, leaving behind a raft of broken journeys for their customers. This investment will allow Backbase to double down on its vision for Engagement Banking and accelerate its mission of re-architecting banking around the customer.
Engagement Banking is a paradigm shift. Rather than stitching these legacy applications together and trying to rework banking around outdated technology, banks and credit unions can instantly leverage the power of a cloud-based engagement banking platform to create frictionless customer journeys across all the stages of the customer lifecycle. From onboarding to servicing, to lending, to expanding share of wallet, this investment supports the growth through product expansion and further growing our sales and marketing operations.
“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. I couldn’t be more excited about the opportunities that lie ahead and the positive impact we can make,” said Jouk Pleiter, Founder and CEO of Backbase.
“Backbase’s proven track record of entrepreneurship and organic growth will continue. Our formula is simple: focus on the needs of our customers and empower highly skilled teams to deliver. We’re changing a big industry, which is hard work. Having critical mass and market momentum allows us to stay laser-focused,” Pleiter added.
Backbase is a financial technology company on a mission to re-architect banking around the customer, where banks and credit unions can put their customers back in the heart of their business. Over 150 financials worldwide have embraced the Backbase Engagement Banking Platform, including Bank of the Philippine Islands.