Backbase has acquired digital wealth platform Nucoro for an undisclosed amount.

The purchase will allow Amsterdam-headquartered Backbase to incorporate Nucoro’s platform capabilities into Backbase’s own banking platform, which it said will enable customers to launch end-to-end services including trading and robo-advisory.

The two companies, which have previously collaborated on joint projects, are based on open industry standards and share a microservice-based architecture.

Backbase said that market for wealth management platforms is set to grow by around ten per cent in the next decade and provide value for retail banks and wealth managers.

Commenting on the news Jouk Pleiter, founder and chief executive of Backbase, said that he was seeing a growing demand from private banks and wealth management firms to modernise their legacy systems.

“We see a trend where retail banks want to quickly launch differentiating investment propositions to complement their daily banking services,” he added. “Think of capabilities like enhanced savings, pension products, stock trading, and portfolio management.”

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