Tuum raised EUR 25 million in Series B financing round

Tuesday 6 February 2024 12:18 CET | News

Core banking provider Tuum has announced that it raised EUR 25 million in a series B financing round led by CommerzVentures

As per the information detailed in the press release, in addition to CommerzVentures’ participation, the financing round saw contributions from Speedinvest and existing investors. Since signing its first client in February 2019, Tuum expanded its operations by working with banks to simplify their digital transition onto more cost-effective, flexible systems that can allow them to develop additional products and enter new verticals. Currently, Tuum’s customer base spans ten countries, with a more pronounced presence in the UK and Nordics.

Core banking provider Tuum has announced that it raised EUR 25 million in a series B financing round led by CommerzVentures.

Tuum’s development strategy

With the newly acquired capital, Tuum intends to further increase its international presence, enabling the company to target additional territories in the DACH region, Southern Europe, and the Middle East. Additionally, the company plans to improve its direct sales and marketing operations as it solidifies its partner channel with managed service relationships to amplify sales reach and implementation scalability. The fund injection is set to be also leveraged to deepen Tuum’s competitive differentiators, with the company aiming to increase its investments into its smart migration capabilities, which can decrease the timeframe for complex core migrations. Added investments intend to refine the company’s Business Builder, a platform designed for customisation through configuration, offering an alternative to the generic approaches.

Furthermore, Tuum focuses on investing funds into expanding its suite of modules and rich functionality, which now include accounts, lending, payments, and card services, serving both the corporate and banking sectors. According to the company’s officials, Tuum merges smart migrations, a modular and functionality-rich core, extensibility, and a broad ecosystem of partners to support the simplification and predictability of core migrations. With the Series B funding, the company aims to expand its reach, while improving core banking for a digital-first future. Representatives from CommerzVentures underlined that its investment in Tuum came as a response to the need for enhancing and advancing core systems cost-effectively. Tuum developed an improved offering that can support the achievement of this, with CommerzVentures focusing on assisting the company in accomplishing its objectives.

More information about Tuum

With its solutions, Tuum aims to enable banks to replace their legacy systems safely and efficiently, while also lowering their maintenance costs and opening additional possibilities to adapt in the digital world. The company employs a smart migration approach that helps banks move off their current systems on average within seven months. After the go-live, the system enables banks to launch additional products, as well as to operate multiple business lines from a single system. Moreover, Tuum enables banks to configure their operating, sourcing, and distribution models to introduce unique models to capitalise on the possibilities of digitisation.

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Keywords: digital banking, investment, funding, expansion, digitalisation
Categories: Banking & Fintech
Companies: Tuum
Countries: United Kingdom
This article is part of category

Banking & Fintech


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