Backbase, the global leader in Engagement Banking software, announced its acquisition of Nucoro, the UK-based digital wealth platform for an undisclosed amount.
In brief:
-The acquisition will allow Backbase to incorporate Nucoro's headless platform capabilities directly into the Backbase Engagement Banking platform, enabling its customers to launch digital end-to-end investment offerings, such as robo-advisory, trading, or hybrid advisory services.
-For the last three years, Nucoro was part of the Backbase fintech partner ecosystem and both companies have been closely collaborating on joint engagements.
-The Backbase Engagement Banking Platform was recognized as a leader earlier this year by industry research analysts at Celent and Omdia. Having grown organically to over €200 million in revenue, Backbase raised €120 million in growth equity funding from Motive Partners in 2022.
What does this mean?
“Backbase is an ideal partner to bring the next generation of wealth infrastructure to financial institutions around the world,” Lennart Asshoff, Nucoro Co-Founder and CEO said. “As a trusted innovation partner to financial institutions, Backbase offers us the reach and technical expertise to take our vision further.”
