Backbase, creator of the Engagement Banking Platform and based in The Netherlands, raised €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 Engagement Banking thrust.
This growth investment values Backbase at €2.5 billion. Described as a founder-friendly partner, Motive Partners is 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.
Backbase descrbies Engagement Banking as 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 Rather than stitching these legacy applications together and trying to rework banking around outdated technology, banks and credit unions can instantly leverage the power of a cloud-based engagement banking platform to create frictionless customer journeys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.
This investment from Motive Partners supports the growth through product expansion and further growing our sales and marketing operations — from onboarding, to servicing, to lending, to expanding share of wallet.
“With this partnership, we’re even better equipped to drive our Engagement Banking vision to the next level,” said Jouk Pleiter, founder and CEO of Backbase. “To all our customers, I personally want to restate our long-term commitment to being your independent, long-term partner in innovation.”
Rob Heyvaert, founder and managing partner of Motive Partners, said that for more than a decade, Backbase has shown leadership and innovation in enhancing digital relationships between financial institutions and its customers.
“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,” said Neil Cochrane, partner at Motive Partners.