LONDON, June 26, 2023 – Proskauer, a leading international law firm, announced today that it advised Backbase, an investee company of Motive Partners and a global leader in Engagement Banking software, on its bolt-on acquisition of Nucoro, the UK-based digital wealth platform.
The acquisition will allow Backbase to incorporate Nucoro's headless platform capabilities directly into the Backbase Engagement Banking Platform, enabling its customers to launch digital end-to-end investment offerings, such as robo-advisory, trading, or hybrid advisory services.
Backbase’s Engagement Banking Platform empowers banks to accelerate their digital transformation. The platform plugs into existing core banking systems and comes pre-integrated with the latest fintechs so financial institutions can innovate at scale.
Having grown organically to over €200 million in revenue, Backbase raised €120 million in growth equity funding from Motive Partners in 2022, on which Proskauer advised Motive Partners.
The Proskauer team was led by partner Richard Bull and associate Karim El-Borhami and included associate Nabeel Vania and paralegal Owen Sparkes (all Mergers & Acquisitions). The team also worked closely with partner Richard Miller and associate Emma McDonnell (Tax), and partner Oliver Howley (Technology, Media & Telecommunications).
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Since 1875, Proskauer has been devoted to our clients’ successes. Our lawyers are known for their unusually high accessibility, responsiveness and attentiveness. We go the extra mile to understand a client’s business — and think like savvy businesspeople in the process.
Proskauer has one of the premier global mergers and acquisitions practices. The Firm has advised on some of the most complex M&A transactions across a range of industries, including in the private equity and financial services sectors.