Backbase Raises Funding of $128 Million to $2.6 Billion

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Banking solutions provider organization, Backbase has recently announced funding of $128 Million to double down its working operations and strategy. This round comes under the category of series D funding from one and only Motive Partners. This is the very first funding, Backbase has ever received. With this, the current valuation of Backbase reached $2.6 billion. 

Introduction to Backbase

Backbase was founded in 2003 as a Fintech-based start-up by Jouk Pleiter, who is the current Chief Executive officer of Backbase. The Headquarters of Backbase is situated in Amsterdam, Netherlands and the U.S.A-based headquarters is located in New York City, United States of America. 

Backbase is popular for providing banking and customer engagement services and bringing digitalization in previous operations of global financial and banking organizations using Artificial Intelligence and other algorithms. It provides transformation in multiple categories including customer loan distribution, Customer Servicing, Customer Loyalty, Loan organization, and Operating model.

Backbase is structuring traditional banking services according to its cloud-based technological methodologies and is widely used among multiple banks such as HDFC, Citizens Bank, Banco De la Nacion Peru, Standard Bank, National Bank of Bahrain, and many more. The count of their customers is more than 150 worldwide to date.

The Engagement Banking Platform of Backbase

Backbase has a popular platform named “The Engagement Banking Platform “ which provides banking services such as lending, account opening, self-servicing, and digital engagement services to its customers. Along with this, training and skill development are also organized by  Backbase for the banking institutions.

Backbase provides re-structuring solutions to business banks, retail banks, credit unions as well as Private banks. The current area on which Backbase is focussing includes active customer engagement and operations.

Competitors About Backbase

Some competitors of Backbase are Finacle Online Banking, Liferay Digital Experience Platform, Finflux, Alkami Platform, Fiserv, Q2 software, and others. Backbase has numerous regional offices located in Singapore, Dubai, London, Toronto, Australia, Sydney, and other places.

Chief Executive Officer and founder Jouk Pleiter expressed his views on Backbase saying that they want to expand the market share and planning to upgrade their operations in continents such as Latin America and Africa, however, they are already performing mind-blowing in all of the continents.

Backbase’s Vision for Stronger Local Markets

He added that they want a “ stronger position in local markets”.Pleiter said that they faced an insane and crazy situation in the past ten years. Despite being a very tough operation, they focussed on building the platform considering larger visions, according to the CEO.

Backbase is carrying out its functionalities immensely well in past years, without even having any funding raised on its platform. He added that it is a time of celebration for the progress made by the company as they have reached a milestone and this partnership will help their “Engagement Banking vision to the next level”. 

Backbase to Revolutionize Banking with Motive Partners Investment

According to the revolutionary banking transformation start-up Backbase, the new funding will be used to introduce new transformations in their popular platform known as “the Engagement Banking Platform”. Gradually, it will increase the efficiency of its customer engagement solutions and make them more interactive for its clients worldwide. The funding will assist Backbase to broaden its market base, leading to an increase in revenue generated. 

The only investor in this deal is Motive Partners. Motive Partners was founded in 2016 as an investing organization in the banking and fintech industry. Motive Partners is based in New York City, United States of America, and has offices in London, England as well.

They majorly invest in the companies that provide fintech services combined with various technologies.  Rob Heyvaert, founder of Motive Partners complimented Backbase for its massive leadership and innovative transformations in the fintech industry by strengthening relations between customers and their users.

He added that they feel excited and delighted to assist Backbase being the investor for innovations in their Engagement banking platform. Along with this, Neil Cochrane, partner at Motive Partners expressed his views on this latest fundraising by saying that they feel excited to “leverage team’s depth of expertise” together with Backbase and the entire team. 

Backbase’s First Investment Round Success

This is the first investment, Backbase has raised since its foundation. The company started in 2003 i.e., decades ago, and has been performing well and good since then. They have gained remarkable popularity and leadership in the market even with zero investment raised to date.

Now they raised this $128 Million in order to double up their market operations and improve their already built platforms. In addition to the already high build valuation, this series D investment round made it to $2.6 Billion.

Backbase is continuously bringing digital transformations and revolutions in the fintech marketplace having some great customers worldwide. With the merging trends using cloud computing and other technologies, it becomes very easy and accessible to make these banking solutions and operations more engaging than before.