UK-based core banking provider Tuum has secured an undisclosed amount of funding from Citi Ventures, the venture capital arm of US-headquartered Citigroup.
The strategic investment is a follow-on to Tuum’s recent Series B funding round in February, when it raised €25 million from CommerzVentures and Speedinvest, alongside existing backers.
With this fresh capital infusion, the start-up plans to expand its international presence — targeting new territories in the DACH region, Southern Europe, and the Middle East — while also investing further in its solution.
As a strategic investor, Citi Ventures said it plans to “introduce Tuum to key stakeholders within the bank to gauge interest in commercialization opportunities”.
“At Citi Ventures, we have been tracking the modernization of core banking tech stacks for years,” said Luis Valdich, a managing director responsible for Citi Ventures’ fintech investments globally.
“After exploring numerous opportunities to invest in next-gen core banking providers, we are excited to invest in Tuum, whose API-first, cloud-agnostic and modular platform promises to strike an optimal balance between no-code hyper-configurability and total cost of ownership that can help accelerate this long overdue transformation across the industry.”
Founded in 2019 and headquartered in London, with an office in Tallinn, Estonia, Tuum says its modern banking platform allows banks to replace their legacy systems “quickly and safely” while also reducing their maintenance spend. The company claims its clients go live on average within seven months, allowing them to launch new products and open up new verticals, including accounts, lending, payments and cards and access to an ecosystem of partner solutions.
