Amsterdam-based fintech Backbase has raised €120 million in growth equity funding from Motive Partners, valuing the company, which has created an engagement banking platform, at €2.5 billion.
Having grown to more than €200 million in revenue, Backbase said it is partnering with the fintech specialist private equity firm to “strengthen its claim” on the engagement banking category.
Jouk Pleiter, founder and CEO of Backbase, called the funding and partnership announcement a “major milestone” for Backbase and its 150 customers, which include BNP Paribas, Citizens Bank, National Bank of Bahrain, Natwest, Standard Bank, and Washington State Employee Credit Union.
“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,” Pleiter said.
Backbase, which was founded in 2003 in Amsterdam , now has regional offices in Atlanta, Boise, Mexico City, Toronto, London, Cardiff, Dubai, Kraków, Singapore, Sydney and Tokyo.
Using its cloud-based engagement banking platform, banks and credit unions can create frictionless customer journeys across all the stages of the customer lifecycle, rather than “trying to rework banking around outdated technology”.
“For more than a decade, Backbase has shown leadership and innovation in enhancing digital relationships between financial institutions and its customers,” added 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.”