The software technology company has significantly expanded its client base in North America, Western Europe, the Middle East, and the APAC region. More than 60 large financial institutions are now standardizing their omni-channel banking experience on the Backbase platform, serving 70+ million customers across 25 different countries, and in 12 different languages.
New financial institutions that signed on in 2015 include Aldermore, AmBank, C. Hoare & Co., Chase Bank, Doha Bank, First Data, Goldman Sachs, IDFC, JSC Altyn Bank, KeyBank, Metro Bank, NBAD, Orange County’s Credit Union, Silicon Valley Bank, Sparebanken Sogn og Fjordane, Swiss Re, Tucson Federal Credit Union, VinaCapital, and Westpac, among others.
At the same time, Backbase grew its employee base from 225 to 365, mostly in its two main offices in Amsterdam (The Netherlands) and Atlanta (US), and its regional hub in London (UK) doubled in size. In October 2015, the new Atlanta office was officially opened by Dutch Prime Minister Mark Rutte.
Revenues are growing 35% year on year, where Backbase sees a shift from perpetual licensing to a subscription model. At the same time, Backbase maintains a client retention rate of 98%.
Also in 2015, Backbase was named a leader in the Forrester Wave for Omni-Channel Digital Banking Solutions, and was named ‘Visionary’ in two Gartner Magic Quadrants: Horizontal Portals and Mobile Application Development Platforms. At the same time, Backbase scored two top 5 positions in Gartner’s Critical Capabilities for Mobile Application Development Platforms report, and two top 3 positions in Gartner’s Critical Capabilities for Horizontal Portals report.
On the product side, Backbase delivered the latest edition of its CXP platform (the 5.6 release), and started development of its next-generation 6 release, which has a strong focus on native cloud delivery and a new microservices-based architecture. Backbase 6 is due for release in Q1 2016. Another major highlight in 2015 was the delivery of the third release of the company’s native Backbase Mobile SDK and the Backbase mBaaS layer, further paving the way to full omni-channel experience delivery. Finally, the company made tremendous progress with its banking-specific solutions for Retail Banking, Commercial Banking and Wealth Management, which are now all proven in production with customers, and is gearing up for its second major release in 2016.
Backbase forecasts to see continued momentum and growth in 2016.