Tuum, a Tallinn, Estonia-based next-generation core banking provider, raised €25 million in Series B funding.
SaaS Investors
The round was led by CommerzVentures, with participation from Speedinvest and existing investors.
Founded in 2014, CommerzVentures is a venture capital firm based in Frankfurt, Germany. The firm seeks to make series A & B investments in fintech, climate fintech, cryptocurrency, and insurtech sectors. The firm seeks to invest across Europe, the United States, Israel, and Africa.
Tuum Use of Funds
The company will use the funds to fuel its international expansion into the DACH region, Southern Europe, and the Middle East, along with strengthening sales and marketing efforts and enhancing its smart migration capabilities to complete complex core migrations in just two months.
About Tuum
Tuum is a SaaS firm that provides banking solutions for financial institutions across Europe and the UK. The company's platform is based on a microservices architecture composed of flexible and independent modules covering end-to-end everyday banking processes, enabling banks, financial services companies, and businesses to integrate its modular banking technology into their existing infrastructure. It offers modules for core banking, lending, cards, and payments, the four critical functions in banking services. The company now boasts a customer base across ten countries.
Funding Details
Company: Modular Technologies OÜ
Raised: €25.0M
Round: Series B
Funding Month: February 2024
Lead Investors: CommerzVentures
Additional Investors: Speedinvest
Company Website: https://tuum.com/
Software Category: Banking Solutions
Source: https://siliconcanals.com/news/startups/tallinns-tuum-bags-25m/