Backbase Raises $128 Million at $2.6 Billion Valuation

Backbase is a startup developer of a platform that helps banks and others better structure and leverage their data after that add more personalization as well as new features in customer-facing service. The platform is based on AI that gathers data from various sources and uses this information for building out “on the glass” services, services that focus on customer engagement – digital banking and customer engagement among others.

The funding round investments came from one backer – Motive Partners. “For more than a decade, Backbase has shown leadership and innovation in enhancing digital relationships between financial institutions and its customers,” Rob Heyvaert, founder and managing partner of Motive Partners. Money raised will be used for technology investments and the expansion of the team in different geographies.

Backbase, Amsterdam, Netherlands, was founded by Gerbert Kaandorp and Jouk Pleiter in 2003. The main problem that is addressed by the Backbase service is that many banks have been building their digital services for almost 40 years, and now they work on a patchwork database with no way to tap into useful assets. To add or take away service, they need to build new infrastructure. Backbase provides them with a platform that works with that. As of now, the company has more than 150 banking customers in its customer base. Backbase already operates in each continent, nevertheless, the company plans to grow its team, particularly in Latin America, Africa, and the Middle East regions. “We want to double down on our go-to-market strategy and to grow market share [to have] a stronger position in local markets. We want to be closer to companies’ larger digital transformation programs,” Jouk Pleiter, CEO and co-founder of Backbase.

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