When I want to know about banking and finance I come to Refi Review - Reader
February 6, 2024

Tuum soars: €25M raised for cloud-native banking platform expansion.

Tuum, a cloud-native banking platform based in Tallinn, has raised €25 million in a Series B financing round led by CommerzVentures. The funding, which also involved participation from Speedinvest and existing investors, will be used to support Tuum’s product and market development. Tuum provides next-generation core banking solutions to banks, helping them transition onto more cost-effective and flexible systems. The company has seen rapid growth since signing its first client partnership in 2019 and now has a customer base across 10 countries, with a strong presence in the UK and Nordics. Tuum’s revenues have grown at a compound annual growth rate of over 250% in the past three years. The funding will enable Tuum to expand internationally, particularly in the DACH region, Southern Europe, and the Middle East. The company will focus on enhancing its sales and marketing operations and strengthening its partner channel. It will also invest in its “smart migration” capabilities, which allow for complex core migrations in as little as two months. Additionally, Tuum will refine its Business Builder platform, which offers customizable solutions and functionality for core banking. The company plans to expand its suite of modules and rich functionality, which include accounts, lending, payments, and card services for both the corporate and banking sectors. Tuum aims to redefine core banking for a digital-first future.