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Tuum Scores €25M, Sets Sights on DACH and Middle East

Estonia's leading core banking innovator, Tuum, secures €25 million, fueling its expansion into the DACH region
By Josefina Dipaolo
February 9, 2024

Introducing a game-changer in the world of banking technology, Estonian core banking provider Tuum makes headlines with a significant €25 million funding raise. This boost in capital is poised to catapult Tuum into new territories across the DACH region, southern Europe, and the Middle East, marking a pivotal moment in its expansion journey.

Founded in 2019 by Estonian IT experts renowned for their contributions to digitizing major Nordic banks, Tuum sets its sights on disrupting traditional banking systems with its cutting-edge cloud-based core banking platform. With a focus on agility and innovation, Tuum empowers financial institutions, fintechs, and banks to swiftly launch new products without the constraints of outdated IT infrastructure.

The Series B financing round, spearheaded by CommerzVentures, a prominent VC fund, and supported by Speedinvest, marks a significant milestone in Tuum's growth trajectory. The infusion of funds is earmarked for enhancing product offerings and driving market expansion initiatives, including the establishment of a new office in the Middle East.

Notably, Tuum's commitment to customization and tailored solutions distinguishes it from competitors, offering a refreshing alternative to conventional approaches. With a burgeoning client base spanning 10 countries and a strong foothold in the UK and Nordics, Tuum is poised to redefine the landscape of core banking in a digital-first era.

Myles Bertrand, CEO of Tuum, expressed his enthusiasm, stating, "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." With a clear vision and unwavering dedication to innovation, Tuum is set to revolutionize the banking sector and shape the future of finance.

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