Motive Partners invests €120m in digital banking tech vendor Backbase
Digital banking tech specialist Backbase has raised €120 million in growth equity funding from Motive Partners, bringing the company’s valuation to €2.5 billion.
Backbase raises €120m in growth equity funding from Motive Partners
The vendor says that having grown organically to over €200 million in revenue, it has now taken investment from a fintech specialist private equity firm, “to further strengthen its claim on the engagement banking category”.
It adds that Motive Partners is “fully supporting Backbase in remaining an independent force”.
Founded in 2003 by Jouk Pleiter (CEO), Backbase now employs 2,000+ people and serves 150+ customers globally.
Clients include Advanzia, Banco Caja Social, Banco de la Nacion Peru, Bank of the Philippine Islands, Berenberg, BNP Paribas, Citizens Bank, ENT, Greater Bank, HDFC, Judo Bank, KeyBank, National Bank of Bahrain, Navy Federal Credit Union, Natwest, Pictet & Cie, Raiffeisen, SchoolFirst Federal Credit Union, Standard Bank, Société Générale, TPBank, Washington State Employee Credit Union and Wildfire Credit Union.
The fintech’s HQ is in Amsterdam, with regional offices in Atlanta (Americas HQ), Boise, Mexico City, Toronto, London, Cardiff, Dubai, Kraków, Singapore, Sydney, and Tokyo.
“Most banks struggle with a patchwork of disconnected, point and channel solutions that were never designed to service the customer holistically, leaving behind a raft of broken journeys for their customers,” Backbase says.
The new funds will allow the vendor to double down on its “mission of re-architecting banking around the customer”, it adds.
“Rather than stitching these legacy applications together and trying to rework banking around outdated technology, banks and credit unions can instantly leverage the power of a cloud-based engagement banking platform to create frictionless customer journeys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,” it states.
“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.”
