Backbase Acquires UK Digital Wealth Platform Nucoro

Backbase introduced its acquisition of Nucoro, the UK-based digital wealth platform for an undisclosed quantity. The acquisition will permit Backbase to include Nucoro’s headless platform capabilities straight into the Backbase Engagement Banking platform, enabling its prospects to launch digital end-to-end funding choices, akin to robo-advisory, buying and selling, or hybrid advisory providers.

The wealth administration platform market eclipsed $3 billion in 2022 with analysts predicting a ten% CAGR within the subsequent decade. Funding merchandise are an vital worth creator globally for retail banks, personal banks, and wealth managers, and this acquisition demonstrates Backbase’s dedication to serving to monetary establishments ship world-class investing experiences to their prospects.

“We see a development the place retail banks need to shortly launch differentiating funding propositions to enrich their each day banking providers. Consider capabilities like enhanced financial savings, pension merchandise, inventory buying and selling, and portfolio administration. With these providers, they will generate additional income and develop their share of pockets with their Most worthy prospects .For personal banks and wealth administration corporations, we see a rising demand to modernize their legacy level options and hole out their bespoke core methods. I’m tremendous excited in regards to the potential of this highly effective mixed platform to supply instantaneous end-to-end worth for each retail and personal banks.”

Jouk Pleiter, Founder and CEO of Backbase mentioned.

For the final three years, Nucoro was a part of the Backbase fintech companion ecosystem and each corporations have been intently collaborating on joint engagements. At a technical stage, each platforms are primarily based on open business requirements and share a microservice-based structure, enabling Backbase to speed up its ONE platform, ONE structure imaginative and prescient.

Lennart Asshoff

“Backbase is a perfect companion to deliver the subsequent technology of wealth infrastructure to monetary establishments all over the world. As a trusted innovation companion to monetary establishments, Backbase provides us the attain and technical experience to take our imaginative and prescient additional.”

Lennart Asshoff, Nucoro Co-Founder and CEO mentioned.

The Backbase Engagement Banking Platform was acknowledged as a pacesetter earlier this yr by business analysis analysts at Celent and Omdia. Having grown organically to over €200 million in income, Backbase raised €120 million in progress fairness funding from Motive Companions in 2022.

Featured picture credit score: Lennart Asshoff, Nucoro Co-Founder and CEO and Jouk Pleiter, Founder and CEO of Backbase . Background picture edited from Freepik