Tuum, a pioneering core banking platform based in Tallinn, has successfully raised €25M in a Series B funding round. The round was led by CommerzVentures, with contributions from Speedinvest and existing investors, underscoring the fintech’s growing influence in the digital banking sector.
Tuum plans to utilize the fresh capital to bolster its international presence, targeting expansion into new territories including the DACH region, Southern Europe, and the Middle East, where it is also opening a new office. This strategic move aims to extend the company’s innovative banking solutions to a broader audience, facilitating the digital transformation journey for banks and financial institutions worldwide.
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Streamlining Digital Transformation in Banking
With an emphasis on improving sales and marketing operations, Tuum is set to strengthen its direct sales efforts and forge partnerships with managed service providers. This approach is designed to enhance the scalability of implementation and increase sales, ensuring that more financial institutions can benefit from the next-generation banking platform.
The company is also investing in “smart migration” capabilities, aiming to complete complex core migrations within just two months. This initiative reflects Tuum’s commitment to making the transition to digital banking simpler and more predictable for its clients.
Redefining Core Banking for a Digital-First Future
CEO Myles Bertrand highlighted the company’s mission to fill the market gap with its unique proposition. Tuum’s approach combines smart migrations, a modular and functionality-rich core, massive extensibility, and a broad ecosystem of partners to redefine core banking for the digital age. With this Series B funding, the startup is not only expanding its reach but also enhancing the essence of core banking for a future where digital-first banking is the norm.
About Tuum
Tuum is an Estonia-based SaaS firm that offers comprehensive banking solutions to financial institutions across Europe and the UK. The platform’s modular approach to core banking, lending, cards, and payments enables financial firms to adapt and scale their operations effectively. Tuum’s innovative solutions are designed to streamline the management of accounts, transactions, deposits, pricing, and the loan management process, among other critical banking functions.
With a customer base spanning ten countries and a pronounced presence in the UK and Nordics, the estonian firm has demonstrated significant growth, achieving a compound annual growth rate of over 250% over the last three years. This latest funding round marks a significant milestone in Tuum’s journey, positioning the company for further growth and innovation in the fintech sector.
