This news comes on the heels of its first funding round. BackBase plans to use the funds to enhance its technology and expand its team. Here are the top-line bullets you need to know.
BackBase, a digital banking enablement platform, has raised $128M in a private equity funding round that drew participation from Motive Partners.
How’s the company performing?
- Netherlands-based BackBase enables banks and other financial institutions to create, manage, and optimize omnichannel customer interactions.
- The company currently caters to over 150 banking customers, including Citizens Bank, NBB, Banco Pichincha, and Raiffeisen.
- BackBase now generates more than $209M in revenue annually.
- The company is currently supported by a team of nearly 2K employees, and it maintains offices in locations such as Amsterdam, Atlanta, Lagos, London, Singapore, Riyadh, Dubai, Tokyo, and Hyderabad.
Source: BackBase
Why does the market matter?
- The global digital banking market is expected to reach a value of $1.61T by 2027, growing at a CAGR of 8.9%, according to Research Dive.
- 3.6B individuals — roughly 1 out of every 2 adults — will use digital banking services across mobile and desktop platforms by 2024, according to Juniper Research.
- Worldwide adoption of smartphones and the internet has also increased mobile or digital banking platform usage.
- Global shutdowns and branch closures amid the Covid-19 pandemic also spurred the adoption of digital banking.
