The UK-based digital wealth platform Nucoro has been purchased by Backbase, the engagement banking software firm, for an undisclosed sum.

Through the deal, Backbase will be able to seamlessly integrate Nucoro’s platform capabilities into the Backbase Engagement Banking platform, giving its clients the ability to establish digital end-to-end investment options including robo-advisory, trading, or hybrid advisory services.

According to estimates, the wealth management platform industry surpassed $3bn in 2022 and grow at a 10% CAGR over the next ten years.

Investment products play a significant role in creating value for retail banks, private banks, and wealth managers on a global scale.

This purchase underlines Backbase’s dedication to assisting financial institutions in providing their clients with top-notch investing experiences.

“For private banks and wealth management firms, we see a growing demand to modernise 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,” said Jouk Pleiter, founder and CEO of Backbase.

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Nucoro has been a part of the Backbase fintech partner ecosystem for the past three years, and the two businesses have been working closely together on joint engagements.

Formally, both platforms share a microservice-based design and are built on open industry standards, allowing Backbase to move faster towards realising its vision of ONE platform, ONE architecture.

Lennart Asshoff, Nucoro Co-Founder and CEO added: “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.”

Earlier this year, researchers at Celent and Omdia who conduct market research for the industry recognised the Backbase Engagement Banking Platform as a leader.

Backbase attracted growth equity capital from Motive Partners in the amount of €120m ($130m) in 2022 after organically increasing their revenue to over €200m.