Core banking platform Tuum has scored €15m in a Series A round of funding, with Portage Ventures leading the round.
Also participating in the round were BlackFin Capital Partners as well as other existing investor Karma Ventures.
Established in 2019, Tuum has developed a cloud-agnostic core banking platform enables banks, FinTechs and non-financial firms to roll-out new financial products and services without much hassle.
According to Tuum, the recent round will enable it to continue investing in product innovation and support global growth, focusing initially on strengthening its presence in the EU and the UK.
The company added that it will also fund essential R&D efforts to continue enhancing and expanding the Tuum product portfolio. Tuum will also deploy the funding towards further investment in its team and projects to double its team to 140 employees by the end of this year.
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.
“We are excited to have onboarded Portage Ventures as the lead investor of this round, who we see as a valuable partner in supporting our further growth and expansion plans. Portage Ventures has extensive industry experience and an exceptional inhouse team of financial technology experts. As they specialise in investing in fintech companies across the globe and are keenly aware of the nuances of the market, their trust in us clearly demonstrates the strength of our technology.”
In September 2021, Tuum rebranded from its previous name of Modularbank, in a move the company claimed better conveys its mission and scope of offering.
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