by Fintechnews Switzerland
February 8, 2024
Tuum, a London based mostly core banking supplier, introduced that it has raised EUR25m, in a sequence B financing spherical led by CommerzVentures, with participation from Speedinvest alongside current traders.
Tuum has expanded quickly since signing its first shopper partnership in February 2019, working with banks to ease their digital transition onto cheaper, versatile techniques that may free them as much as develop new merchandise and enter new verticals. The corporate now boasts a buyer base throughout 10 nations, with a pronounced presence within the UK, and Nordics. Over the past three years, Tuum’s revenues have soared, demonstrating a compound annual progress fee of over 250%.
The recent infusion of capital will bolster Tuum’s worldwide presence, permitting it to focus on new territories within the DACH area, Southern Europe, and the Center East, the place it’s opening a brand new workplace. The corporate plans to boost its direct gross sales and advertising and marketing operations, whereas additionally fortifying its associate channel with key managed service relationships to amplify gross sales attain and implementation scalability.
The fundraise may even be used to deepen Tuum’s key aggressive differentiators. The corporate will improve funding into its “sensible migration” capabilities, that are making advanced core migrations doable in as little as two months. Additional investments will refine Tuum’s ‘Enterprise Builder’, a platform designed for important customization by means of configuration, offering a compelling various to the generic ‘one measurement matches all’ or ‘toolbox’ approaches of different cloud-native cores. Lastly, Tuum will make investments funds into increasing its complete suite of modules and wealthy performance, which presently embrace accounts, lending, funds, and card companies, catering to each company and banking sectors.
Commenting on the fundraise, Myles Bertrand, CEO of Tuum, stated:
“I joined Tuum in the summertime of final yr as a result of I noticed the hole available in the market for its proposition. Everybody is aware of that banks want to exchange their growing older core banking techniques if they’ll efficiently adapt their enterprise fashions for digital banking. Nonetheless, no core banking vendor has to this point made core migration easy and predictable, which is what Tuum is now doing by means of a mixture of sensible migrations, a modular and performance wealthy core, large extensibility, and a broad ecosystem of companions.”
Heiko Schwender, Managing Accomplice at CommerzVentures, added:
“At CommerzVentures, now we have been following and investing within the core banking market for a very long time. Whereas it’s onerous to interrupt into, this can be a enormous, extremely engaging area, with over USD15bn in annual spending. Tuum’s standout modular strategy is especially suited to right now’s ever-changing atmosphere, providing a mature, but versatile resolution to an actual ache level.
Tier 2 to five banks world wide should substitute their growing older core techniques easily and cost-effectively. Tuum has developed an impressively mature and differentiated providing that may assist them do exactly this. We’re delighted to be main this sequence B, and we look ahead to working with the Tuum staff to assist understand the corporate’s large potential.”
Featured picture credit score: Myles Bertrand, CEO of Tuum