Tuum names former Vocalink head David Yates as new chairman
Tuum, a core banking software firm headquartered in Tallinn, Estonia, has appointed industry veteran David Yates as its new chairman.
New Tuum chairman David Yates (Image: LinkedIn)
Yates’ career in financial services spans over 40 years. He first joined IBM in 1983 and subsequently held several senior leadership roles at companies such as Western Union and First Data Corporation.
In 2012, he began a seven-year tenure at UK-based payment infrastructure provider Vocalink, where he served as CEO and chairman and guided the company through its sale to Mastercard. Following the purchase, Yates acted as president of new payment platforms at Mastercard for two years.
After his stint at Mastercard, Yates has taken on numerous non-executive roles, currently serving as chairman of Nium and vice chairman at Equiniti, a London-headquartered outsourcing business.
Founded in 2019, Tuum offers an API-based core banking platform that it says “allows banks to operate multiple business lines from a single system, including accounts, lending, payments and cards”.
The company, which serves clients in 11 countries, including banking infrastructure firm LHV UK, secured €25 million in a Series B funding round in February to expand into new markets such as the Middle East.
Speaking on his appointment, Yates says: “I have been closely involved with several companies which have sought to upgrade financial infrastructure for the digital age, and the opportunity and need for core banking renewal is particularly pronounced.”
Heiko Schwender, managing partner at CommerzVentures – which led Tuum’s Series B – adds: “Given the growth of the business, both in terms of revenues and operational complexity, the board felt it was the right time to appoint an independent chairman.”
