Digital banking tech provider Backbase acquires wealthtech Nucoro
Backbase, a provider of front-end digital banking solutions, has acquired Nucoro, a UK-based digital wealth platform, for an undisclosed amount.
Backbase acquires wealthtech Nucoro
Backbase says it will incorporate Nucoro’s offering into its flagship Backbase Engagement Banking platform, enabling its customers to launch digital end-to-end investment offerings, such as robo-advisory, trading, or hybrid advisory services.
“We see a trend where retail banks want to quickly launch differentiating investment propositions to complement their daily banking services,” says Jouk Pleiter, founder and CEO of Backbase.
“Think of capabilities like enhanced savings, pension products, stock trading, and portfolio management. With these services, they can generate extra revenue and expand their share of wallet with their most valuable customers.”
He adds: “For private banks and wealth management firms, we see a growing demand to modernise their legacy point solutions and hollow out their bespoke core systems.”
The banking tech vendor says the wealth management platform market eclipsed $3 billion in 2022 and is expected to achieve a 10% compound annual growth rate (CAGR) in the next decade.
Nucoro and Backbase: fintech partners
Nucoro went through a business restructure
Founded in 2019, wealthtech Nucoro went through some turbulent times that resulted in a business restructure earlier this year.
For the last three years, Nucoro was part of the Backbase fintech partner ecosystem and both companies have been closely collaborating on joint engagements.
At a technical level, both platforms are based on open industry standards and share a microservice-based architecture, enabling Backbase to accelerate its “ONE platform, ONE architecture” vision, the vendor says.
Backbase was founded in 2003 in Amsterdam, Netherlands. Today, it has over 120 customers worldwide, a global network of offices, and over €200 million in revenue.
On its client list are AIB, Banorte, Barclays, BIAT, Bank of the Philippine Islands, BDO, BNP Paribas, Banque Saudi Fransi, BRD, Citibank, Citizens Bank, Discovery Bank, First National Bank, HDFC, Ila Bank, KeyBank, Lloyds Banking Group, NatWest, Navy Federal Credit Union, OTP Group, PostFinance, Raiffeisen, RBC, Standard Bank, Saudi National Bank, Société Générale, Truist, and TPBank.
Last year, it raised €120 million in growth equity funding from Motive Partners.
