Amsterdam-based “engagement banking platform” Backbase has raised €120 million in an equity funding round provided by Motive Partners at a valuation of €2.5 billion. Founded in 2013 and bootstrapping its way to over €200 million in revenue, the company plans to use the capital to further strengthen its market position.
Having achieved €a00 million in ARR in 2021, Backbase has built its business on an IKEA-like focus on cost minimisation and an emphasis on agile development and delivery. And they’ve done so in Amsterdam’s increasingly competitive fintech talent market.
Offering banks a solution that consolidates an often disconnected, point and channel chain of customer services, Backbase’s ultimate goal is to re-engineer the entire banking experience around the customer and not vice versa.
The company counts upwards of 150 customers whose collective end-users are north of 40 million.
“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,” explained Backbase CEO Jouk Pleiter. “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.”
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