Today, Tuum has announced a €15 million funding round. Portage Ventures is leading the round, joined by existing investors Blackfin Capital Partners and Karma Ventures. This new funding boost comes after a successful year for the Tallinn-based startup, which saw annual recurring revenue increase more than 3 times in 2021.
Founded in 2019 by banking and fintech experts, Tuum has created an extremely flexible and modular platform that caters to a broad range of clients. Tuum’s cloud-agnostic core banking platform enables banks, fintechs, and traditionally non-financial companies to quickly and easily roll out new financial products and services – better addressing the needs of customers, increasing sales and fostering loyalty.
The digitisation of banking has been growing fast since 2019. As a result, a modern tech stack with real-time processing, APIs and so on are crucial to financial organisations success. Tuum’s banking solution is offering financial organizations the tech that they now must-have, modernising systems, and responding to the increasing need for embedded finance.
In the three years that Tuum has been operating, demand for its next-generation core banking platform has seen rapid growth. The platform is now trusted by an ever-growing list of regulated banks, fintechs and embedded finance players from various industries. This trust is further exemplified by the fact that several customers – such as SweepBank – – are migrating their critical, most sensitive workloads to Tuum’s platform.
Tuum CEO Vilve Vene said: 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. In three years, Tuum has become the core banking technology provider of choice for various financial institutions and non-financial companies, enabling them to innovate at pace and launch future-facing value propositions.”
In the past year, in addition to having signed new clients, Tuum has significantly expanded its partners’ list which now features players such as Nets Estonia, part of leading European payments processor, the Nets Group; German money-laundering detection company, HAWK:AI; and digital identity provider, Veriff, among others.
The new funding will enable the core banking technology provider to continue investing in product innovation and support global growth, focusing initially on strengthening its EU and UK presence.
Already the company employs over 70 people across Tallinn, Berlin, Malaga and London. Now, the team are setting a primary focus on expanding in the UK, offering on-the-ground support to customers in its biggest market. The team is projected to double to 140 employees over the next year.
