Digital banking tech provider Backbase has acquired UK-based digital wealth platform Nucoro for an undisclosed amount. Backbase plans to integrate Nucoro’s offerings into its Backbase Engagement Banking platform, enabling customers to launch digital investment services. The acquisition aligns with Backbase’s strategy to cater to retail banks, private banks, and wealth management firms seeking modernization and differentiation in their investment offerings.
Facts
- Backbase acquires UK-based digital wealth platform Nucoro to enhance its Backbase Engagement Banking platform.
- Backbase aims to enable customers to launch digital end-to-end investment services, such as robo-advisory, trading, and hybrid advisory services.
- Retail banks can generate extra revenue and expand their market share by offering capabilities like enhanced savings, pension products, stock trading, and portfolio management.
- Private banks and wealth management firms seek to modernize their legacy point solutions and upgrade their bespoke core systems.
- The wealth management platform market reached over $3 billion in 2022 and is expected to achieve a 10% compound annual growth rate (CAGR) in the next decade.
- Backbase and Nucoro have been fintech partners, collaborating closely on joint engagements.
- Backbase, founded in 2003 in Amsterdam, has a global presence, over 120 customers worldwide, and more than €200 million in revenue. It raised €120 million in growth equity funding from Motive Partners last year.
