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Dutch fintech Backbase ends long bootstrapping streak; secures €120M, becomes a unicorn

Backbase
Image credits: Backbase

Backbase, an Amsterdam-based fintech company, announced that it has raised its first funding of €120M in growth equity from Motive Partners at a €2.5B valuation, and is now Netherland’s latest unicorn. 

This investment will enable Backbase to double down on its vision for Engagement Banking and accelerate its mission of re-architecting banking around the customer.

Jouk Pleiter, Founder and CEO of Backbase, says, “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.”

From onboarding to servicing, to lending, to expanding share of wallet, this investment enables Backbase to accelerate growth through product expansion and further grow sales and marketing operations.

Having grown organically to over €200M in revenue, Backbase is now partnering with a Fintech specialist private equity firm, says the company in the press release. 

Engagement Banking Platform

Founded by Jouk Pleiter in 2013, Backbase’s Engagement Banking Platform is an omnichannel banking software solution that empowers financials to accelerate their digital transformation.

Backbase’s software provides all the building blocks, and accelerators banks need to fast track the implementation of their next-generation digital banking vision. 

The platform enables banks to create and manage seamless customer experiences across any device that is directly integrated with any back-end system. 

Over 150 financials globally have embraced the Backbase Engagement Banking Platform – including Advanzia, Banco Caja Social, Banco de la Nacion Peru, Bank of the Philippine Islands, Berenberg, BNP Paribas, and others.

Rob Heyvaert, Founder and Managing Partner of Motive Partners, explains, “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 says, “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.”

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