Tuum is a Tallinn-based core banking provider founded in 2019 that offers a cloud-native platform designed to replace antiquated legacy IT systems used by banks, fintechs and other financial institutions. Its modular, functionality-rich core emphasizes smart migrations, extensibility and a broad partner ecosystem to help clients launch new products quickly. The company rebranded from ModularBank to Tuum in 2021 and says it now has customers in 10 countries, with a strong presence in the UK and the Nordics. Tuum positions its offering as an alternative to generic “one size fits all” or toolbox approaches used by other cloud-native providers. In 2022 it received a €1 million investment from a major client, LHV Group. The firm plans to expand product capabilities and enter new markets across the DACH region, southern Europe and the Middle East, including opening an office in the Middle East. Tuum offers a flexible, modular and cloud-agnostic core banking platform with real-time processing and API-first design to help banks, fintechs and non-financial companies launch financial products quickly. The platform is used by regulated banks, fintechs and embedded finance players, with several customers migrating critical workloads to Tuum, including SweepBank. Tuum has grown rapidly since its 2019 founding, and reported annual recurring revenue increased more than threefold in 2021. The company has expanded partnerships with providers such as Nets Estonia, HAWK:AI and Veriff to strengthen payments, AML detection and digital identity integration. Tuum currently employs over 70 people across Tallinn, Berlin, Malaga and London and projects headcount will double to about 140 over the next year. The firm plans to invest the new funding in product innovation and to support global growth, initially focusing on strengthening its EU and UK presence. Modularbank builds an API-first, modular core banking platform that lets customers pick and remove banking services as if they were Lego blocks. The platform targets financial service providers and banks as well as nonbank customers such as retailers, utilities and telemedicine providers. The company was established last year and is based in Tallinn, Estonia. Modularbank currently has 35 staff across Europe and aims to increase headcount to 100 by the end of 2021. The startup plans to use new funding to set up commercial operations in the UK and to hire engineers and product experts across Europe as it gears up for wider global expansion. CEO Vilve Vene positions the product as a lean, sophisticated core banking technology to enable quick, personalised banking services amid growing digitalisation and embedded finance.

Total raised

$49M

Funding rounds

3

Latest round

Series B

Latest activity

Feb 2024