Backbase Receives €120 Million And Enters Partnership With Bahrain FinTech Bay

Backbase (website) already has some important partners, including the National Bank of Bahrain, ila Bank, Banque Saudi Fransi, Kuwait International Bank and Société Générale. Recently, Backbase raised €120 million in growth equity funding from Motive Partners. The banking platform provider also announced a partnership with the MENA fintech hub Bahrain FinTech Bay (BFB) to accelerate the adoption of digital banking in the MENA region.

Backbase, founded by Jouk Pleiter in 2003, has grown organically to over €200 million in revenue with its so-called Engagement Banking Platform over the last couple of years. The company has its global HQ in Amsterdam and regional offices in Atlanta (Americas HQ), Boise, Mexico City, Toronto, London, Cardiff, Dubai, Kraków, Singapore, Sydney, and Tokyo.

Bahrain FinTech Bay incubates impactful and scalable financial technology endeavors through innovation labs, acceleration programs, and curated activities. BBF said this partnership would enable emerging and leading financial organizations across the Mena region to leverage a solidified engagement banking offering and benefit from an all-encompassing FinTech ecosystem that would boost their operations, performance, and reach.

Head of Partners at Backbase Middle East, Mehmet Cakal, said, “We are honoured to partner with one of the region’s leading FinTech hubs. This new collaboration with Bahrain FinTech Bay is in line with our continuous efforts to support banks in the region with a long-term digital strategy and provide them with a holistic approach to digital transformation to meet the needs and expectations of their customers in today’s world.”

“Our new partnership with Backbase will strengthen our mandate to provide cutting-edge technology offerings to banks and financial institutions in Mena.”-CEO of Bahrain FinTech Bay, Bader Sater.

“Bahrain FinTech Bay is committed to providing curated opportunities for businesses and helping startups in the industry accelerate their growth and expansion efforts across the region,” Sater added.