Provides solutions for omni-channel digital banking in retail and business banking, wealth management and insurance. Learn more



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Valuation: €2.5b

Growth Equity VC
Total Funding000k

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Backbase is a fintech startup that provides an innovative Engagement Banking Platform. The company's primary focus is to help banks modernize their customer journeys and business operations. Backbase's platform allows banks to gradually replace or decompose their outdated IT systems and construct a modern customer engagement architecture around them. This approach helps banks prioritize essential customer journeys across all touchpoints, eliminate operational silos, and empower both customers and front-office employees.

Backbase serves a broad range of clients, primarily in the banking sector, who are looking to break free from the constraints of legacy IT systems and embrace a new-generation engagement banking platform. The company operates in the fintech market, which is characterized by rapid technological advancements and increasing competition.

The business model of Backbase is based on providing a platform that accelerates the digital transformation of banks. They offer out-of-the-box web and mobile journeys to jump-start this transformation. Their Model Bank accelerators provide a solid starting point for these efforts, embodying industry best practices and base features that can be easily adopted and configured to fit the needs of each bank.

Backbase makes money by charging for the use of its platform, which includes detailed documentation, a full design system, and comprehensive training options to jumpstart developer teams. Additionally, their open platform APIs and SDK capabilities empower banks to rapidly build and deploy features that truly differentiate their services.

Keywords: Fintech, Engagement Banking Platform, Digital Transformation, Customer Journeys, Modernization, Legacy IT Systems, Model Bank Accelerators, APIs, SDK, Developer Enablement.

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Investments by Backbase

ACQUISITION by Backbase Jun 2023