Backbase, which offers white label engagement banking solutions for banks and credit unions, has raised €120m in equity funding at a valuation of €2.5bn. 

The investment from Motive Partners will be used by Backbase to bolster its position in the engagement banking space.

Backbase will use the proceeds to expand its product portfolio and further grow its sales and marketing operations.

Banks and credit unions use Backbase’s cloud-based engagement banking platform to digitise their consumer-facing operations and streamline the entire customer journey. 

Backbase founder and CEO Jouk Pleiter said: “With this partnership, we are even better equipped to drive our Engagement Banking vision to the next level.”

More than 150 financial institutions across the world use Backbase’s engagement banking solution.

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Some of its clients are BNP Paribas, HDFC, KeyBank, Judo Bank, National Bank of Bahrain, Navy Federal Credit Union, NatWest, Raiffeisen, Société Générale, TPBank, Washington State Employee Credit Union and Wildfire Credit Union.

Motive Partners founder and managing partner Rob Heyvaert said: “For more than a decade, Backbase has shown leadership and innovation in enhancing digital relationships between financial institutions and its customers. 

“We are excited to support Jouk and the Backbase team with this initial fundraise as they continue to expand, grow and build the leading, customer-centric, engagement banking platform globally.”

Motive Partners partner Neil Cochrane said: “Backbase continues to lead an innovative category underpinning the banking sector, and we believe that together we have a unique growth opportunity to build upon Backbase’s strong foundations.”