Tuum, a Tallinn, Estonia-based core banking platform, raised €15m in Series A funding.
The round was led by Portage Ventures joined by existing investors Blackfin Capital Partners and Karma Ventures.
The company intends to use the funds to continue investing in product innovation and support global growth, focusing initially on strengthening its EU and UK presence, and to make investment in its team, projecting to double the team to 140 employees by the end of 2022.
The new funding announcement follows a robust year of growth, with Tuum’s contracted annual recurring revenue increasing more than 3 times in 2021 compared to the previous year.
Founded in 2019 and led by CEO Vilve Vene, Tuum is a next-generation core banking technology provider. Its API-first, cloud-agnostic and highly configurable banking platform covers all retail and business banking processes, allowing banks, fintech startups or even non-financial companies to easily roll out customer-centric financial solutions. The modularity aspect enables each company to pick and choose the exact capabilities they wish to start with and always add additional ones in the future.
The company has acquired customers throughout Europe and currently employs over 70 people in Tallinn, Berlin, Malaga and London. Customers include SweepBank, the new digital bank by Ferratum Bank p.l.c.
FinSMEs
26/01/2022