FinTech Backbase Raises $128M to Boost Consumer-Focused Engagement Banking

Engagement banking platform Backbase has raised almost $128 million in growth equity from FinTech specialist private equity firm Motive Partners, which it will use to bolster its position in the space, according to a company press release Thursday (June 9).

“Today is a major milestone for more than 2,000 Backbasers and 150 customers around the world, to celebrate the incredible progress we made,” Jouk Pleiter, founder and CEO of Backbase, said in the release. “With this partnership, we’re even better equipped to drive our Engagement Banking vision to the next level.”

“Backbase’s proven track record of entrepreneurship and organic growth will continue. Our formula is simple: focus on the needs of our customers and empower highly skilled teams to deliver,” Pleiter continued. “We’re changing a big industry, which is hard work. Having critical mass and market momentum allows us to stay laser-focused. Together we’re making it happen.”

Backbase, which boasts almost $215 million in revenue, is now valued at $2.66 billion after Motive’s investment, per the release. Motive Partners supports Backbase’s continued focus on “customer-centric innovation that transforms the financial services industry’s siloed channels and legacy applications.”

“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.

Earlier this month, data network Plaid teamed with Dutch FinTech Mollie to make it easier for merchants across Europe and the United Kingdom to open online stores and receive payments. The collaboration will enable Plaid’s open banking data network to link to Mollie’s platform.

Related: Plaid, Mollie Aim to Streamline EU Merchant Onboarding

With Plaid, Mollie can validate bank account ownership in real time, and merchants can start accepting payments more easily across Europe. Mollie’s previous onboarding process involved multiple identity and bank account ownership verification checks.

Initially, support is being extended to Mollie’s merchants in the U.K., with assistance for the onboarding process in France and Germany coming in the coming months.