Tuum, a core banking provider, has closed a €25 million Series B round led by CommerzVentures, with participation from Speedinvest alongside existing investors.
- Founded in 2019, Tallinn and London-based Tuum is developing a banking platform that enables banks, fintech, and non-financial companies to roll out new financial products. Utilizing an API-based approach, it ensures swift integration with existing systems and supports deployment on various cloud environments.
- As of now, Tuum has a customer base spanning 10 countries, with stronger footholds in the UK and Nordics. Banking Circle, LHV UK, Nets, and Veriff are among the startup’s clients, as well as other regulated banks, fintech companies, and finance players.
- Tuum has secured over €45 million in funding to date. In January 2022, it raised €15 million in a Series A round from Portage Ventures, Blackfin Tech, and Karma Ventures. These investors supported the startup during the Series B round.
- CommerzVentures, the new backer, led the recent funding. It is a German VC fund, focusing on both early and growth-stage startups in fintech, insurtech, and climate fintech sectors. Austrian Speedinvest also participated in the Series B investment.
“At CommerzVentures, we have been following and investing in the core banking market for a long time. While it’s hard to break into, this is a huge, highly attractive space, with over $15 billion in annual spending. Tuum’s standout modular approach is particularly suited to today’s ever-changing environment, offering a mature, yet flexible solution to a real pain point,” Heiko Schwender, Managing Partner at CommerzVentures, comments on the fund’s investment.
- With a recent capital injection, Tuum aims to expand globally, focusing on the DACH region, Southern Europe, and the Middle East, where it's establishing a new office.
- The startup’s strategy also involves strengthening both direct sales and marketing efforts, as well as further product development. In particular, Tull is planning to invest the fresh funds into expanding its suite of modules and functionality, which currently include accounts, lending, payments, and card services, catering to both corporate and banking sectors.
