Brokerage-as-a-service provider Bricknode partners with Tuum

Brokerage-as-a-service provider Bricknode partners with Tuum

Brokerage-as-a-service provider Bricknode is enabling core banking platform Tuum to add investments to its platform, as part of a new partnership.

The aim of the deal is to enable financial institutions to quickly deploy innovative digital investment products.

Tuum offers an API-first, modular core banking platform that allows companies to quickly deploy financial products. These include accounts, deposits, lending, payments, cards and many other financial products.

Through Bricknode, Tuum will be able to add investments to its offering suite.

Bricknode Broker is a comprehensive core investment platform that supports multi-asset investing, including stocks, bonds, mutual funds and commodities. The platform is dynamic and configurable that allows financial services providers to launch unique investment propositions in weeks.

Speaking on the partnership, Bricknode co-CEO Erik Hagelin said, “We’re on a mission to help democratise investing for people around the world by making it easy for companies to launch innovative new products.

“That’s why we’re delighted to partner with Tuum and open up new product capabilities for their customers.”

The companies stated that modularity is a core concept to both Tuum and Bricknode’s business models. Financial companies can select the specific modules needed to power their business and integrate them seamlessly alongside third-party applications.

Tuum global head of alliances and partnerships Julien Douve added, “We see huge potential for disruption in the private banking and wealth management space, and are witnessing a rising interest from established financial institutions as well as start-ups to launch new exciting investment products.

“Technology for investing has lagged behind other areas of finance. Therefore, we’re thrilled to partner with Bricknode to be able to offer next-generation investment capabilities to our clients, alongside our core banking functionalities.”

Earlier in the year, Bricknode secured a $470,000 loan to support its establishment of a licenced brokerage subsidiary. The funds help the WealthTech company to establish the subsidiary, which includes regulatory and operational costs.

The company also recently outlined its plan for profitability. It revealed several measures that it will take to accelerate its route to profitability. As part of this, Bricknode is reducing fixed and variable costs by approximately 40% and exploring financing related to acting on the opportunity to register a regulated securities firm.

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