Tuum received a strategic investment from Citi Ventures in a Series B follow-on round.
The amount of today’s installment was undisclosed, and boosts the company’s total funds to more than $49 million (€45 million).
Citi Ventures plans to introduce Tuum to key stakeholders within Citibank and gauge interest in commercialization opportunities.
API-based core banking provider Tuum announced today that it has secured additional funding as part of its Series B round. This strategic investment from Citi Ventures, the amount of which was undisclosed, brings the company’s total funding to over $49 million (€45 million).
Tuum, which won Best of Show honors at last month’s FinovateEurope event, received $27 million (€25 million) in funding at the start of February in a Series B round led by CommerzVentures. Tuum plans to use the funds to fuel product and market development and to expand its international presence into the DACH region, Southern Europe, and the Middle East.
As part of Citi Ventures’ role as strategic investor, the firm plans to introduce Tuum to key stakeholders within Citibank and gauge interest in commercialization opportunities.
“At Citi Ventures, we have been tracking the modernization of core banking tech stacks for years,” said the firm’s Managing Director responsible for fintech investments globally Luis Valdich. “After exploring numerous opportunities to invest in next-gen core banking providers, we are excited to invest in Tuum, whose API-first, cloud-agnostic and modular platform promises to strike an optimal balance between no-code hyper-configurability and total cost of ownership that can help accelerate this long overdue transformation across the industry.”
Estonia-based Tuum was launched under the name Modularbank in 2019. With 100 employees, the company aims to help banks replace their legacy systems, reduce spending on maintenance, and quickly adapt to changing trends. Tuum’s technology extends beyond core replacement to help banks add accounts, lending, payments, and card offerings. In addition, the company offers customers access to range of third-party tools through its partner marketplace, which includes solutions from AMLYZE, Salt Edge, NTT Data, Entersekt, and others .
Tuum’s clients come from a range of 10 countries, but primarily hail from the U.K. and the Nordic region. The company launched just in time to leverage the digital transformation frenzy that took place in 2020. Since that time, Tuum’s revenue has more than doubled each year on average over a three-year period, resulting in an overall revenue increase of more than 2.5 times.
The video of Tuum’s demo from FinovateEurope will be available in the coming days.
