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Estonian core banking supplier Tuum has landed €15 million in funding as it prepares for expansion outside the EU.
Formerly known as Modularbank, Tuum has built an API-first, cloud-agnostic and modular banking platform that covers all retail and business banking processes.
The new funding – led by Portage Ventures with support from existing backers Blackfin Capital Partners and Karma Ventures – follows a robust year of growth, with Tuum’s contracted annual recurring revenue increasing more than three times in 2021 compared to the previous year.
Tuum CEO Vilve Vene says: “Banks and non-banks alike are increasingly realising the value that comes from taking a new, more modular approach to core banking, one that would enable personalisation at scale.”
He says the company has an ever-expanding client list who are assigning more of their critical business operations to its platform, citing as an example SweepBank – a new digital bank by Ferratum Bank – which is currently migrating its most sensitive workloads.
The past year has also seen Tuum extend its partnership network, signing agreements with Nordic payments processor Nets, German money-laundering detection company, HAWK:AI; and digital identity provider, Veriff.
Vene says the funding will initially be used to expand operations in the UK, offering on-the-ground support to customers in its biggest market. It will also fund essential R&D efforts to expand the product portfolio and intends to double its team to 140 employees by the end of 2022.
Financial Services
