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Tuum obtained a strategic funding from Citi Ventures in a Collection B follow-on spherical.
The quantity of at present’s installment was undisclosed, and boosts the corporate’s complete funds to greater than $49 million (€45 million).
Citi Ventures plans to introduce Tuum to key stakeholders inside Citibank and gauge curiosity in commercialization alternatives.
API-based core banking supplier Tuum introduced at present that it has secured extra funding as a part of its Collection B spherical. This strategic funding from Citi Ventures, the quantity of which was undisclosed, brings the corporate’s complete funding to over $49 million (€45 million).
Tuum, which received Better of Present honors finally month’s FinovateEurope occasion, obtained $27 million (€25 million) in funding at first of February in a Collection B spherical led by CommerzVentures. Tuum plans to make use of the funds to gasoline product and market improvement and to develop its worldwide presence into the DACH area, Southern Europe, and the Center East.
As a part of Citi Ventures’ function as strategic investor, the agency plans to introduce Tuum to key stakeholders inside Citibank and gauge curiosity in commercialization alternatives.
“At Citi Ventures, we have now been monitoring the modernization of core banking tech stacks for years,” stated the agency’s Managing Director accountable for fintech investments globally Luis Valdich. “After exploring quite a few alternatives to spend money on next-gen core banking suppliers, we’re excited to spend money on Tuum, whose API-first, cloud-agnostic and modular platform guarantees to strike an optimum stability between no-code hyper-configurability and complete price of possession that may assist speed up this lengthy overdue transformation throughout the trade.”
Estonia-based Tuum was launched beneath the identify Modularbank in 2019. With 100 workers, the corporate goals to assist banks change their legacy programs, cut back spending on upkeep, and rapidly adapt to altering traits. Tuum’s expertise extends past core substitute to assist banks add accounts, lending, funds, and card choices. As well as, the corporate affords clients entry to vary of third-party instruments by way of its associate market, which incorporates options from AMLYZE, Salt Edge, NTT Information, Entersekt, and others .
Tuum’s shoppers come from a spread of 10 international locations, however primarily hail from the U.Okay. and the Nordic area. The corporate launched simply in time to leverage the digital transformation frenzy that passed off in 2020. Since that point, Tuum’s income has greater than doubled every year on common over a three-year interval, leading to an total income enhance of greater than 2.5 instances.
The video of Tuum’s demo from FinovateEurope will probably be accessible within the coming days.
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