Citi Ventures Invests in Core Banking Provider Tuum – Fintech Schweiz Digital Finance News

Tuum, a London and Tallinn based mostly core banking supplier, introduced that Citi Ventures, a enterprise capital arm of US-headquartered Citigroup, has develop into a strategic investor within the firm as a follow-on from Tuum’s just lately introduced collection B fundraising.

In the beginning of February, Tuum introduced a EUR25m Sequence B fundraise led by CommerzVentures, the proceeds from which can be used for product and market improvement. The corporate plans to broaden its worldwide presence — focusing on new territories within the DACH area, Southern Europe, and the Center East — and to speed up funding in its market-leading answer.

As strategic buyers on behalf of Citi, Citi Ventures — whose mission is to catalyze innovation at Citi by investing in and partnering with category-defining startups with the potential to revolutionize monetary providers — has invested in an extension to the Sequence B spherical and plans to introduce Tuum to key stakeholders throughout the financial institution to gauge curiosity in commercialization alternatives.

Luis Valdich

Luis Valdich, a Managing Director liable for Citi Ventures’ fintech investments globally, commented:

“At Citi Ventures, we now have been monitoring the modernization of core banking tech stacks for years. After exploring quite a few alternatives to spend money on next-gen core banking suppliers, we’re excited to spend money on Tuum, whose API-first, cloud-agnostic and modular platform guarantees to strike an optimum stability between no-code hyper-configurability and complete value of possession that may assist speed up this lengthy overdue transformation throughout the trade.”

Myles Bertrand

Myles Bertrand, CEO of Tuum, added:

“We’re delighted to welcome Citi Ventures as a strategic investor. This funding from one of many largest banking teams on the earth, with market-leading positions globally in company, non-public and retail banking, represents a significant milestone in addition to a big market endorsement of what Tuum has achieved. We’re enthusiastic about working with the crew and exploring alternatives collectively.”