Tuum, a Tallinn, Estonia-based core bank platform, has raised EUR15m through Series A funding.
Portage Ventures led the round, along with existing investors Blackfin Capital Partners (Karma Ventures) and Karma Ventures.
The company plans to use the funds for product innovation and global growth support. It will initially focus on strengthening its EU presence and UK presence. In the future, it will invest in its team and project to increase its workforce to 140 by 2022.
Following a strong year of growth, Tuum’s contracted annual revenue recurring increased more than three times in 2021 over the previous year.
Tuum was founded in 2019 by Vilve Vene and is now a leading provider of core banking technology. It is API-first, cloud-agnostic, and highly configurable, and allows banks, fintech startups, and even non-financial businesses to quickly roll out customer-centric solutions. Modularity allows companies to choose and select the capabilities they want to use and then add more in the future.
The company has customers all over Europe and currently employs more than 70 people in Tallinn and Berlin as well as Malaga, Malaga, and London. SweepBank is a digital bank from Ferratum Bank p.l.c.