The Weekly Wrap: all you need to know by Friday COB | June 16th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

A UK-based digital wealth platform called Nucoro has been acquired by Backbase, a provider of front-end digital banking solutions. Nucoro will be integrated into Backbase Engagement Banking, allowing customers to launch digital end-to-end investment offerings, such as robo-advisory, trading, or hybrid advisory services.

“We see a trend where retail banks want to quickly launch differentiating investment propositions to complement their daily banking services,” said Jouk Pleiter, founder and CEO of Backbase. Think of capabilities like enhanced savings, pension products, stock trading, and portfolio management. With these services, they can generate extra revenue and expand their share of wallet with their most valuable customers.”

He added: “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.”

The BankTech vendor said the wealth management platform market eclipsed $3 billion in 2022 and is expected to achieve a 10% compound annual growth rate (CAGR) in the next decade. Founded in 2019, WealthTech Nucoro went through some turbulent times that resulted in a business restructure earlier this year. For the last three years, Nucoro was part of the Backbase FinTech partner ecosystem and both companies have been closely collaborating on joint engagements.

At a technical level, both platforms are based on open industry standards and share a microservice-based architecture, enabling Backbase to accelerate its “ONE platform, ONE architecture” vision, the vendor said.

Deals of the week

• EIF provides €50m to Illimity Bank to help finance Italian SMEs
• PayTabs deploys Modirum 3D secure payment solution across KSA
• Universal Partners selects Muse Finance to offer invoice and trade finance
• Visa launches ‘Visa Accelerator Program’ for African FinTechs
• Inkle launches new cross-border payments product
• Zil Money offers ‘Payroll by Credit Card’ to simplify payments
• Western Union signs MoU with the Department of Migrant Workers for Filipinos
• Universal Partners selects Muse Finance to offer invoice and trade finance
• nocnoc secures $14m in Series A to enhance cross-border eCommerce in LatAm
• OneVest secures $17m to enhance wealth management experience
• Nasdaq acquires Adenza from Thoma Bravo for $10.5b
• Lendbuzz closes $163.15m asset-backed securitisation
• Jordan Ahli Bank and Mastercard enter partnership in Jordan and Palestine
• Cloudbankin a lending SaaS startup raises $400K

Be on the lookout for

FinTech Week London, taking place on Monday 19 June, and Tuesday 20 June 2023 at Tottenham Hotspur Stadium will bring together the brightest minds and industry leaders to tackle these challenges head-on and provide practical solutions.

The event brings together 1000+ financial and FinTech executives from London and the world for five days of events. Covering the breadth of the financial industry, over 70% of attendees are decision-makers from banks, insurers, FinTechs, technology and service providers, VCs, media, government representatives, and regulators.

Tech Week London brings together 1000+ financial and FinTech executives from London and the world for five days of events. Covering the breadth of the financial industry, over 70% of attendees are decision-makers from banks, insurers, FinTechs, technology and service providers, VCs, media, government representatives, and regulators.