Backbase acquires Digital Wealth Platform Nucoro

By Gloria Methri

Backbase, the global Engagement Banking software provider, has acquired Nucoro, the UK-based digital wealth platform for an undisclosed amount.

The acquisition will allow Backbase to integrate Nucoro’s headless platform capabilities directly into the Backbase Engagement Banking platform. This will enable Backbase’s customers to launch digital end-to-end investment offerings, such as robo-advisory, trading, or hybrid advisory services.

The wealth management platform market eclipsed $3 billion in 2022 with analysts predicting a 10% CAGR in the next decade. Investment products are an important value creator globally for retail banks, private banks, and wealth managers.

Backbase said the acquisition demonstrates its commitment to helping financial institutions deliver world-class investing experiences to their customers.

“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 am super excited about the potential of this powerful combined platform to provide instant end-to-end value for both retail and private banks.”

For the last three years, Nucoro was part of the Backbase FinTech partner ecosystem and both companies have been closely collaborating on joint engagements. At a technical level, both platforms are based on open industry standards and share a microservice-based architecture, enabling Backbase to accelerate its ONE platform, ONE architecture vision.

“Backbase is an ideal partner to bring the next generation of wealth infrastructure to financial institutions around the world,” Lennart Asshoff, Nucoro Co-Founder and CEO said. “As a trusted innovation partner to financial institutions, Backbase offers us the reach and technical expertise to take our vision further.”