After reaching a turnover of 200 million euros, Backbase, whose mission is to reorganize the bank around the customer, pursues its categorization strategy in partnership with Motive Partners, a specialist investor.
Backbase, creator of the leading Engagement Banking platform in its category, raised €120 million in funding from Motive Partners. After experiencing organic growth that has enabled it to reach a turnover of more than 200 million euros, Backbase is now partnering with a private equity firm specializing in financial technologies, in order to strengthen its position. in the Engagement Banking sector.
Rebuilding the bank around the customer
This investment values Backbase at 2.5 billion euros. Motive Partners is a founder-friendly partner, fully supporting Backbase in its drive to remain an independent force and drive the Engagement Banking strategy, continuing to focus on customer-centric innovation that transforms siled channels and existing financial services industry applications.
Most banks face a fragmented market offering point solutions across channels that were never designed to serve the customer in a unified way leaving behind broken customer journeys. This investment will enable Backbase to double down on its vision of Engagement Banking and accelerate its mission to rebuild the bank around the customer.
Engagement Banking is a paradigm shift. Rather than piecing together old apps and trying to revamp banking services around outdated technology, banks and credit unions can instantly leverage the power of a cloud-based banking platform to create frictionless customer journeys at all stages of the customer lifecycle. From onboarding, to service, to lending, and to wallet expansion, this investment supports growth through product expansion and the development of our sales and marketing operations.
“Today is a major milestone for over 2,000 Backbasers and 150 customers around the world to celebrate the incredible progress we’ve made. Thanks to this partnership, we are even better equipped to take our vision of Engagement Banking to the next level. I couldn’t be more excited about the opportunities ahead and the positive impact we can have,” said Jouk Pleiter, Founder and CEO of Backbase.
“For more than a decade, Backbase has demonstrated leadership and innovation to improve digital relationships between financial institutions and their customers,” said Jeff Yabuki, president of Motive Partners. “We are thrilled to support Jouk and the Backbase team with this initial fundraising as they continue to develop, grow and build the leading client-centric Engagement Banking platform at the global scale. »
Neil Cochrane, Partner at Motive Partners, said: “Backbase continues to lead an innovative category that underpins the banking industry, and we believe that together we have a unique growth opportunity to support us. on the solid foundations of Backbase. As Backbase continues its growth journey, we are delighted to leverage the expertise of our people alongside Jouk and his teams.”
“Backbase’s reputation for entrepreneurship and organic growth will continue. Our formula is simple: focus on the needs of our customers and give highly qualified teams the means to meet them. We are revolutionizing a large industry, which is hard work. Market dynamics keep us focused on our goal,” Pleiter added. “Together we make it happen. »
Backbase is a fintech company on a mission to reorganize banking around the customer. Our Engagement Banking platform enables banks and credit unions to quickly digitize their customer-facing operations and create seamless journeys that meet customer expectations.
Backbase was founded in 2003 in Amsterdam (world headquarters), with regional offices in Atlanta (US headquarters), Boise, Mexico City, Toronto, London, Cardiff, Dubai, Krakow, Singapore, Sydney and Tokyo.
Motive Partners is a specialty private equity firm, with offices in New York and London, focused on growth capital investments and buyouts in North American-based software and information services companies and Europe and serving five main sub-sectors: Banking and Payments, Capital Markets, Data and Analytics, Investment Management and Insurance. Motive Partners brings differentiated expertise, connectivity and capabilities to create long-term value in fintech companies.