Engagement banking software company Backbase has acquired UK-based digital wealth platform Nucoro for an undisclosed price.
Founded in 2019, Nucoro supports financial organisations to modernise their businesses by developing digital savings, investment and wealth management offerings.
The company offers a flexible, modular, cloud-native platform to facilitate firms to fulfil their digital vision and build tailored and automated propositions.
Nucoro co-founder and CEO Lennart Asshoff said: “Backbase is an ideal partner to bring the next generation of wealth infrastructure to financial institutions around the world.
“As a trusted innovation partner to financial institutions, Backbase offers us the reach and technical expertise to take our vision further.”
Through the acquisition of Nucoro, Backbase aims to integrate the former’s headless platform capabilities directly into the Backbase engagement banking platform.
It will allow clients to introduce digital end-to-end investment offerings, including robo-advisory, trading, and hybrid advisory services.
Backbase engagement banking platform is a unified platform to power banks to expedite their digital transformation.
Nucoro has been a part of the Backbase fintech partner ecosystem for the past three years and both parties have been working closely together on joint engagements, said Backbase.
Backbase founder and CEO Jouk Pleiter 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.”
Both companies’ platforms are based on open industry standards and share a microservice-based architecture, allowing Backbase to advance its ONE platform, ONE architecture vision.
In 2022, Backbase secured €120m in growth equity funding from Motive Partners.
