Backbase, a creator of the category-leading Engagement Banking Platform, raises around €120 million 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.
The overall growth investment at Backbase was valued at €2.5 billion. Motive Partners is a founder-friendly partner, fully aiding the Backbase in remaining an independent force and driving the Engagement Banking strategy, by enduring 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 empower Backbase to double down on its vision for Engagement Banking and fast-track its mission of re-architecting banking around the customer.
Jouk Pleiter, Founder and CEO of Backbase stated: “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. 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.”
Pleiter added: “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. Together we’re making it happen.”
Rob Heyvaert, Founder and Managing Partner of Motive Partners stated: “For more than a decade, Backbase has shown leadership and innovation in enhancing digital relationships between financial institutions and its customers. 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.”
Neil Cochrane, Partner at Motive Partners commented, “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 its growth journey, we’re excited to leverage our team’s depth of expertise alongside Jouk and the team.”