Tuum, a leader in next-generation core banking technology, has recently announced a significant investment from Citi Ventures, the venture capital arm of the globally renowned Citigroup.
This investment marks a strategic extension to Tuum’s Series B fundraising effort, which initially raised €25m earlier in February, led by CommerzVentures.
The funding is earmarked for ambitious product development and market expansion, with a focus on entering new territories across the DACH region, Southern Europe, and the Middle East, while also accelerating the enhancement of Tuum’s cutting-edge banking solution.
At its core, Tuum is dedicated to revolutionizing the banking industry. It offers an innovative platform that combines API-first, cloud-agnostic, and modular technologies. This blend enables a remarkable balance of no-code hyper-configurability with cost-efficiency, aiming to modernize banking infrastructures.
Tuum’s mission is to free banks from the constraints of legacy systems, significantly reducing maintenance costs and unlocking new digital possibilities. With a smart migration approach, Tuum guarantees that its clients can transition to new systems within an average span of just seven months, post which, banks can swiftly introduce new products and venture into new markets.
The new influx of capital from Citi Ventures is poised to significantly advance Tuum’s product and market development strategies. The company is set to expand its international footprint and invest further in its platform, reinforcing its position as a frontrunner in the banking technology space.
Luis Valdich, Managing Director at Citi Ventures, expressed enthusiasm for the partnership, he said, “At Citi Ventures, we have been tracking the modernization of core banking tech stacks for years.
“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.”
Tuum CEO Myles Bertrand welcomed Citi Ventures’ investment as a significant endorsement and a milestone for the company. “We are delighted to welcome Citi Ventures as a strategic investor. This investment from one of the largest banking groups in the world, with market-leading positions globally in corporate, private and retail banking, represents a major milestone as well as a significant market endorsement of what Tuum has achieved. We are excited about working with the team and exploring opportunities together.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
