Backbase, the creator of the category-leading Engagement Banking Platform, raised €120 million or R1.9 billion in growth equity funding from Motive Partners.
Having grown organically to over €200 million in revenue, Backbase is now partnering with a FinTech specialist private equity firm, to further strengthen its claim on the Engagement Banking category.
This growth investment values Backbase at €2.5 billion. 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 that were
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Rather than stitching these legacy applications together and trying to rework banking around outdated technology, banks and credit unions can instantly leverage the power of a cloud-based engagement banking platform to create frictionless customer journeys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,” Jouk Pleiter, Founder
and CEO of Backbase said.
“To all our customers, I personally want to restate our long-term commitment to being your independent, long-term partner in innovation. For us, it is still day one.”
“For more than a decade, Backbase has shown leadership and innovation in enhancing digital
relationships between financial institutions and its customers,” explained Jeff Yabuki, Chairman
of Motive Partners.
“We’re excited to support Jouk and the Backbase team with this initial fundraise as they continue to expand, grow and build the leading, customer-centric, Engagement Banking Platform globally.”
“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. “Together we’re making it happen.”
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