Estonian core banking provider Tuum has raised €25mn, as it looks to target new territories in the DACH region.
- Tuum, which was previously called ModularBank but rebranded in 2021 to Tuum which means “core” in Estonian.
- The Series B financing round was led by CommerzVentures, the specialist VC fund, with funding also coming from Speedinvest, the early-stage European VC, alongside existing investors.
- The funds have been earmarked to fund product and market development, with expansion planned across the DACH region, southern Europe, and the Middle East, where it plans to open an office.
What does this mean?
Myles Bertrand, CEO of Tuum, said “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. With this Series B funding, we're not just expanding our reach: we're redefining the very essence of core banking for a digital-first future.”