Core banking tech challenger Tuum secures €25m Series B to tap new territories
Tuum has raised €25 million in a Series B funding round led by CommerzVentures as it seeks to target new territories with its core banking software.
Core banking vendor Tuum lands €25m Series B
The round also attracted Austrian venture capital fund Speedinvest as a new investor, which participated alongside the vendor’s existing investor base.
The Estonian company says it will apply the funding to further establish its market presence in Germany, Austria and Switzerland (DACH), as well as in areas of Southern Europe and the Middle East, where it claims to be pursuing a new office.
To bolster this effort, the vendor says it will “enhance its direct sales and marketing operations”, namely by incorporating “key managed service relationships” into its partner channel.
The company also plans to increase its investment into what it describes as its “smart migration capabilities”, which enable Tuum to carry out core banking migrations within the span of two months, as well as its Business Builder platform, which enables its banking partners to configure their own operating, sourcing and distribution models.
Rounding off its development plans, Tuum also expects to leverage the capital to build out the services it’s able to facilitate through its core banking platform, with its current abilities extending to accounts, lending, payments and card services.
Commenting on the fundraise, Myles Bertrand – who was hired as CEO of Tuum in May – says the cash will enable the vendor to make core migrations for banks both “simple and predicable”, namely through a combination of “smart migrations, a modular and functionality rich core, massive extensibility, and a broad ecosystem of partners”.
