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Tuum raises €25m Series B financing, led by CommerzVentures

By Gloria Methri

February 06, 2024

  • API Banking
  • CommerzVentures
  • Europe
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Tuum, Core Banking, Bank Orchestration, FinTech, EuropeTuum, the next-generation core banking provider, has raised €25 million, in a Series B financing round led by CommerzVentures, with participation from Speedinvest alongside existing investors.

Tuum has expanded rapidly since signing its first client partnership in February 2019, working with banks to ease their digital transition onto cheaper, flexible systems that can free them up to develop new products and enter new verticals.

The company now boasts a customer base across 10 countries, with a pronounced presence in the UK, and Nordics. Over the last three years, Tuum’s revenues have soared, demonstrating a compound annual growth rate of over 250%.

The fresh infusion of capital will bolster Tuum’s international presence, allowing it to target new territories in the DACH region, Southern Europe, and the Middle East, where it is opening a new office.

The fundraiser will also be used to deepen Tuum’s key competitive differentiators. The company will increase investment into its “smart migration” capabilities, which are making complex core migrations possible in as little as two months.

Further investments will refine Tuum’s ‘Business Builder’, a platform designed for customisation through configuration, providing a compelling alternative to the generic ‘one size fits all’ or ‘toolbox’ approaches of other cloud-native cores.

Finally, Tuum will invest funds into expanding its comprehensive suite of modules and rich functionality, which currently include accounts, lending, payments, and card services, catering to both the corporate and banking sectors.

Commenting on the fundraiser, Myles Bertrand, CEO of Tuum, said, “Everyone knows that banks need to replace their ageing core banking systems to successfully adapt their business models for digital banking. However, no core banking vendor has made core migration simple and predictable, which is what Tuum is now doing through a combination of smart migrations, a modular and functionality-rich core, massive extensibility, and a broad ecosystem of partners. With this Series B funding, we are not just expanding our reach: we are redefining the very essence of core banking for a digital-first future.”

Heiko Schwender, Managing Partner at CommerzVentures, added, “Tuum’s standout modular approach is particularly suited to today’s ever-changing environment, offering a mature, yet flexible solution to a real pain point. Tier 2 to 5 banks around the world will have to replace their ageing core systems smoothly and cost-effectively. Tuum has developed an impressively mature and differentiated offering that can help them do just this. We are delighted to be leading this series B and we look forward to working with the Tuum team to help realise the company’s massive potential.”

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