Backbase acquires digital wealth platform Nucoro

Backbase an Amsterdam-based banking software provider, has acquired London-based digital wealth platform Nucoro.

Despite being founded nearly 20 years ago, Backbase raised a €120m funding round in June last year to help it accelerate its growth.

The company offers banking engagement software but is keen to expand its reach with Nucorco’s digital wealth and investment products offering. Something it says banks are increasingly looking to adopt.

“We see a trend where retail banks want to quickly launch differentiating investment propositions to complement their daily banking services. 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,” Jouk Pleiter, Founder and CEO of Backbase said. 

“For private banks and wealth management firms, we see a growing demand to modernize their legacy point solutions and hollow out their bespoke core systems. I’m super excited about the potential of this powerful combined platform to provide instant end-to-end value for both retail and private banks.”