Tuum acquired a strategic funding from Citi Ventures in a Collection B follow-on spherical.
The quantity of at the moment’s installment was undisclosed, and boosts the corporate’s whole funds to greater than $49 million (€45 million).
Citi Ventures plans to introduce Tuum to key stakeholders inside Citibank and gauge curiosity in commercialization alternatives.
API-based core banking supplier Tuum introduced at the moment that it has secured further funding as a part of its Collection B spherical. This strategic funding from Citi Ventures, the quantity of which was undisclosed, brings the corporate’s whole funding to over $49 million (€45 million).
Tuum, which gained Better of Present honors eventually month’s FinovateEurope occasion, acquired $27 million (€25 million) in funding at first of February in a Collection B spherical led by CommerzVentures. Tuum plans to make use of the funds to gas product and market growth and to develop its worldwide presence into the DACH area, Southern Europe, and the Center East.
As a part of Citi Ventures’ position as strategic investor, the agency plans to introduce Tuum to key stakeholders inside Citibank and gauge curiosity in commercialization alternatives.
“At Citi Ventures, we’ve been monitoring the modernization of core banking tech stacks for years,” mentioned the agency’s Managing Director chargeable for fintech investments globally Luis Valdich. “After exploring quite a few alternatives to put money into next-gen core banking suppliers, we’re excited to put money into Tuum, whose API-first, cloud-agnostic and modular platform guarantees to strike an optimum stability between no-code hyper-configurability and whole value of possession that may assist speed up this lengthy overdue transformation throughout the business.”
Estonia-based Tuum was launched underneath the title Modularbank in 2019. With 100 workers, the corporate goals to assist banks substitute their legacy techniques, cut back spending on upkeep, and rapidly adapt to altering developments. Tuum’s expertise extends past core alternative to assist banks add accounts, lending, funds, and card choices. As well as, the corporate gives clients entry to vary of third-party instruments via its associate market, which incorporates options from AMLYZE, Salt Edge, NTT Information, Entersekt, and others .
Tuum’s shoppers come from a variety of 10 nations, however primarily hail from the U.Ok. and the Nordic area. The corporate launched simply in time to leverage the digital transformation frenzy that passed off in 2020. Since that point, Tuum’s income has greater than doubled annually on common over a three-year interval, leading to an total income enhance of greater than 2.5 occasions.
The video of Tuum’s demo from FinovateEurope shall be accessible within the coming days.
