Estonian fintech Tuum secures €15M for digital banking development

Tuum, a Tallinn-based fintech, has closed a €15 million Series A funding round led by Portage Ventures, a global investor dedicated to supporting fintech companies. The existing investors, Blackfin Tech and Karma Ventures, also participated, Sifted reports.

  • Tuum was founded in 2019 by Vilve Vene and Rivo Uibo. The startup develops a banking platform that enables banks, fintech, and non-financial companies to roll out new financial products and services quickly and easily.
  • Over the last few years, Tuum has been growing rapidly as the need for the digital transformation of banking has increased due to the quarantine restrictions, the startup says. Its contracted annual revenues up more than 3x in 2021 alone.
  • Banking Circle, LHV UK, Nets, and Veriff are among Tuum’s clients, as well as other regulated banks, fintech companies, and finance players.
  • In December 2020, Tuum raised €4 million seed funding with Tallinn-based Karma Ventures leading the round.
  • Since 2019, Tuum has grown to a team of 70 people, the majority of them based in Estonia, with plans to double it by the end of this year.
  • Using the fresh funds, Tuum is planning to strengthen its European presence by integrating its products with other players in the market while preparing for expansion beyond Europe.