- Core banking vendor Tuum has raised €25 million in a Series B funding round led by CommerzVentures, with participation from Speedinvest and existing investors.
- Tuum, based in Estonia, plans to use the funds to establish a stronger market presence in Germany, Austria, and Switzerland (DACH), as well as expand into Southern Europe and the Middle East, potentially opening a new office.
- The company aims to enhance direct sales and marketing operations, incorporate managed service relationships into its partner channel, and invest in smart migration capabilities for core banking migrations within two months.
- Tuum also plans to develop its Business Builder platform, allowing banking partners to configure their operating, sourcing, and distribution models.
- The capital raised will be used to expand services offered through Tuum’s core banking platform, which currently covers accounts, lending, payments, and card services.
- Tuum’s CEO, Myles Bertrand, highlights the goal of making core migrations for banks simple and predictable through smart migrations, a modular core, extensibility, and a broad ecosystem of partners.
