Backbase Bags US$129 Million Funding, Now Valued at US$2.7 Billionby Fintech News Singapore June 9, 2022
Digital banking software provider Backbase announced that it has raised US$128.6 million in growth equity funding from Motive Partners which values it at US$2.66 billion.
Backbase said that this investment will it allow to “double down on its vision for engagement banking and accelerate its mission of re-architecting banking around the customer”.
From onboarding, to servicing, to lending, to expanding share of wallet, Backbase added that this investment supports its growth through product expansion and further growing its sales and marketing operations.
Having grown organically to over US$214 million in revenue, Backbase is now partnering with a fintech specialist private equity firm.
“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.”
said Jouk Pleiter, Founder and CEO of Backbase.