Core banking tech challenger Tuum appoints new CEO, eyes global expansion
Tuum, a challenger in the core banking software space, has appointed a new CEO, Myles Bertrand.
Myles Bertrand, new CEO of Tuum
Bertrand moves from DT One, a Singapore-based B2B digital micropayments platform, where he had a ten-month stint as chief revenue officer. Prior to that, he spent four years as managing director, APAC, at Tuum’s rival, Mambu.
“I am passionate about core banking technology and the impact it will have in transforming the financial services world as we know it,” says Bertrand.
Founded in 2019 in Tallinn, Estonia, Tuum says it’s been experiencing “rapid growth” – with annual recurring revenue (ARR) increasing 400% last year.
The appointment of the new chief executive is part of the vendor’s strategy to grow globally “to become a market leader in core banking”.
Bertrand replaces Sergei Anikin, who joined the company one year ago from CRM software provider Pipedrive, where he had spent nearly nine years in various leadership roles, including CTO and co-CEO. Anikin, in turn, replaced Vilve Vene, Tuum’s co-founder and former CEO.
In early 2022, Tuum raised €15 million in a Series A funding round backed by Portage Ventures, Blackfin Capital Partners, and Karma Ventures.
Later that year, it also received €1 million from LHV Group, invested in a convertible bond (to be converted into shares during the start-up’s next funding round).
LHV is among the biggest financial groups and capital providers in Estonia and also has a banking subsidiary in the UK, LHV Bank, which selected Tuum as its core banking software provider last year. In turn, LHV provides banking and payment services to Tuum.
The banking tech challenger employs 100+ people in Tallinn, Malaga, and London, and has clients across Europe. Among them is SweepBank, a new digital banking service from Malta’s Ferratum Bank. According to strategy consulting firm Aperture, Tuum has sold its system to 15 financial institutions to date; 12 are live and the three in implementation were signed within the last nine months. Aperture estimates the average implementation time is seven months.
Tuum says its flagship offering is API-first, modular, cloud-native, and cloud-agnostic. Its architecture is microservices-based. The platform’s functionality includes current, savings and deposit accounts, payments, lending, buy now, pay later (BNPL) and cards, according to Tuum.
Bertrand describes the start-up as “the most forward-thinking company in this field”.
