Backbase Acquires Nucoro to Add Digital Wealth to Engagement Banking Platform

Backbase, a global engagement banking platform provider, acquired Nucoro, a UK-based digital wealth management platform, in mid-June 2023 for undisclosed financial terms. Nucoro's platform provides robo-advisory, portfolio management, and investment onboarding tools that banks and financial institutions can white-label for their customers. By integrating Nucoro's wealth capabilities, Backbase aims to expand its engagement banking platform beyond core banking and payments into digital investment services.

The acquisition enables Backbase's bank clients to offer embedded investment products — such as savings goals, managed portfolios, and self-directed investing — directly within their digital banking experiences. This deal reflects the broader trend of banking platform providers expanding into adjacent financial services to create more comprehensive embedded finance offerings. For banks using Backbase, the integration is expected to reduce the complexity of adding wealth management features, allowing them to compete more effectively with neobanks and fintech challengers that already bundle investing into their consumer propositions.