Estonian fintech Tuum secures €25M in a Series B investment

Tuum, a Tallinn-based core banking provider, has secured €25 million in a Series B financing round led by CommerzVentures, with participation from Speedinvest alongside existing investors. The fresh capital will support Tuum’s international presence.

Information about Tuum

• Tuum was co-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. According to Tuum’s data, it allows banks to operate multiple business lines from a single system, including accounts, lending, payments and cards, as well as go further through access to a pre-configurated ecosystem of partner solutions.

Everyone knows that banks need to replace their aging core banking systems if they are going to successfully adapt their business models for digital banking. However, no core banking vendor has to date made core migration simple and predictable, which is what Tuum is now doing through a combination of smart migrations, a modular and functionality rich core, massive extensibility, and a broad ecosystem of partners,

Myles Bertrand, CEO of Tuum, commented.

• Currently, the company has a customer base across 10 countries, with presence in the UK, and Nordics. Over the last three years, Tuum’s annual growth rate reached over 250%. Tuum also claims that while using its migration approach clients go-live on average within 7 months.

Investment details

CommerzVentures, a German VC firm supporting early and growth-stage companies in fintech, insurtech, and climate fintech sectors with €550 million under management, led the current round. Austrian Speedinvest alongside existing investors also participated.

In January 2022, the startup closed a €15 million Series A funding round led by Portage Ventures, with paticipation from Blackfin Tech and Karma Ventures.

The fresh investment will bolster Tuum’s international presence, allowing it to target the DACH region, Southern Europe, and the Middle East, where it is opening a new office. The company also plans to enhance its direct sales and marketing operations, to strengthen its partner channel, and to amplify sales reach and implementation scalability.