AMSTERDAM – June 15, 2023 – Backbase, the global leader in Engagement Banking software, announced its acquisition of Nucoro, the UK-based digital wealth platform for an undisclosed amount. The acquisition will allow Backbase to incorporate Nucoro's headless platform capabilities directly into the Backbase Engagement Banking platform, enabling its customers to launch digital end-to-end investment offerings, such as robo-advisory, trading, or hybrid advisory services.
The wealth management platform market eclipsed $3 billion in 2022 with analysts predicting a 10% CAGR in the next decade. Investment products are an important value creator globally for retail banks, private banks, and wealth managers, and this acquisition demonstrates Backbase’s commitment to helping financial institutions deliver world-class investing experiences to their customers.
“We see a trend where retail banks want to quickly launch differentiating investment propositions to complement their daily banking services. Think of capabilities like enhanced savings, pension products, stock trading, and portfolio management. With these services, they can generate extra revenue and expand their share of wallet with their most valuable customers,” Jouk Pleiter, Founder and CEO of Backbase said. “For private banks and wealth management firms, we see a growing demand to modernize their legacy point solutions and hollow out their bespoke core systems. I’m super excited about the potential of this powerful combined platform to provide instant end-to-end value for both retail and private banks.”
For the last three years, Nucoro was part of the Backbase fintech partner ecosystem and both companies have been closely collaborating on joint engagements. At a technical level, both platforms are based on open industry standards and share a microservice-based architecture, enabling Backbase to accelerate its ONE platform, ONE architecture vision.
“Backbase is an ideal partner to bring the next generation of wealth infrastructure to financial institutions around the world,” Lennart Asshoff, Nucoro Co-Founder and CEO said. “As a trusted innovation partner to financial institutions, Backbase offers us the reach and technical expertise to take our vision further.”
The Backbase Engagement Banking Platform was recognized as a leader earlier this year by industry research analysts at Celent and Omdia. Having grown organically to over €200 million in revenue, Backbase raised €120 million in growth equity funding from Motive Partners in 2022.
Backbase is on a mission to re-architect banking around the customer.
Backbase created the Backbase Engagement Banking Platform – a unified platform with the customer at the center, empowering banks to accelerate their digital transformation. From customer onboarding, to servicing, loyalty, and loan origination, our single platform — open and frictionless, with ready-to-go apps — improves every aspect of the customer experience. Built from the ground up with the customer at the heart, our Engagement Banking Platform easily plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.
Industry analysts Forrester, Gartner, Celent, Omdia, and IDC continuously recognize Backbase’s category leadership. Over 120 financials around the world have embraced the Backbase Engagement Banking Platform - including AIB, Banorte, Barclays, BIAT, Bank of the Philippine Islands, BDO, BNP Paribas, Banque Saudi Fransi, BRD, Citibank, Citizens Bank, Discovery Bank, First National Bank, HDFC, Ila Bank, KeyBank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, OTP Group, PostFinance, Raiffeisen, RBC, Standard Bank, Saudi National Bank, Société Générale, Truist, and TPBank.
Backbase is a privately funded fintech company, founded in 2003 in Amsterdam (Global HQ), with regional offices in Atlanta (Americas HQ), Boise, Cardiff, Dubai, Hyderabad, Kraków, London, Mexico City, Milano, New York, Singapore (Asia HQ), Sydney, and Toronto.