Loading organizations...
Tuum provides a modular core banking platform, enabling financial institutions to modernize infrastructure and launch digital services swiftly. The platform is API-first, cloud-agnostic, and highly configurable, minimizing custom coding. Capabilities include core banking, card management, Islamic finance, lending, and integrated payment processing, supporting diverse financial products.
The company originated in Estonia in 2019, founded by five banking technology pioneers, including Ove Kreison, Rivo Uibo, Jan Lakspere, and Jüri Kirme. Recognizing barriers to digital innovation, their insight was to combine deep industry expertise with advanced technology, creating flexible, adaptable systems for financial services.
Tuum serves diverse clients, from large multinational banks to emerging fintechs and SMEs. Its vision centers on simplifying and accelerating the deployment of customer-centric financial products. As an innovation engine, Tuum aims to propel the evolution of next-generation financial services worldwide.
Tuum has raised $48.9M across 3 funding rounds.
Tuum has raised $48.9M in total across 3 funding rounds.
Tuum has raised $48.9M in total across 3 funding rounds.
Tuum's investors include Heiko Schwender, Speedinvest, Portage Ventures, Hélène Falchier, Endeavor Catalyst, Alexis Pantazis, Jon Moulton, BlackFin Capital Partners, Karma Ventures, Michele Foradori, Margus Uudam, AngelList Syndicator.
Tuum has raised $48.9M across 3 funding rounds. Most recently, it raised $26.9M Series B in February 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Feb 6, 2024 | $26.9M Series B | Heiko Schwender | Speedinvest | Announced |
| Jan 1, 2022 | $17M Series A | Portage Ventures, Hélène Falchier | Endeavor Catalyst, Alexis Pantazis, JON Moulton, BlackFin Capital Partners, Karma Ventures | Announced |
| Dec 1, 2020 | $5M Seed | Michele Foradori, Margus Uudam | AngelList Syndicator, Kindred Capital VC, Mosaic Ventures, Point Nine Capital, Possible Ventures, Prototype Capital, Andy Chung, Bradley Horowitz, Jacob DE Geer, Paul Forster, Russell Smith, Salwa Fathallah, Thijn Lamers, OTT Kaukver, Plug And Play Ventures, Siena Capital | Announced |
Tuum is a Tallinn, Estonia-based technology company providing a next-generation, cloud-native core banking platform that helps banks, fintechs, and electronic money institutions (EMIs) replace legacy systems, launch digital services rapidly, and scale operations.[1][3][4] Its modular, API-first, microservices-based solution includes products for accounts, lending, payments, cards, and Islamic banking, enabling no-code configuration via Business Builder, seamless integrations, and lower total cost of ownership to support diverse banking models and innovation.[1][2][3] Tuum serves multinational banks, emerging fintechs, and SMEs, solving the problem of legacy constraints that hinder agility in a digital landscape, with demonstrated growth like migrating millions of customer accounts in two months and processing millions of transactions.[1][4] The company raised €4m in seed funding in 2020 at a €9m pre-money valuation and €15m in Series A in 2022 at €57m, reflecting strong momentum.[1]
Tuum was founded by five Estonian banking technology pioneers in a nation recognized as the world's most advanced digital society, combining business expertise with cutting-edge technology to create an API-first, cloud-agnostic, modular core banking platform without coding needs.[3] Key co-founders include Chief Technology Officer Ove, whose career spans Ernst & Young, Icefire (as Head of Research and Development for Nordic banks), and a 2018 Fintech Futures award for IT in corporate banking; and others driving the vision to break digital innovation barriers in banking.[3] The idea emerged from Estonia's digital transformation, aiming to empower financial institutions with fast, customer-centric services; early traction built through this innovative approach, powering a range of clients from large banks to fintechs.[3] Led by CEO Miljan (with prior roles at Mambu and Backbase), Tuum has evolved into an innovation engine with a supportive, diverse culture focused on continuous learning.[3]
Tuum rides the wave of cloud-based core banking transformation, addressing legacy modernization challenges amid rising maintenance costs and demands for agile, scalable systems in a digital-first era.[1][5] Its timing aligns with market shifts toward API-driven, customizable platforms that enable innovation like embedded finance, real-time payments, and global expansion, as seen in Omdia's recognition of flexible cores driving C-level vendor shortlists.[5] Favorable forces include Estonia's digital leadership, AWS ecosystem support, and fintech growth, positioning Tuum to influence the ecosystem by powering banks and fintechs to unify operations, reduce environmental impact via cloud efficiency, and compete like tech companies.[1][3][4] By bridging traditional banking with modern tech, Tuum accelerates industry-wide adoption of progressive modernization.[4][5]
Tuum is poised for continued expansion through further client wins in emerging markets, enhanced AI integrations for personalization, and potential follow-on funding to scale its platform globally.[1][4] Trends like generative AI in finance, regulatory pushes for open banking, and sustainability mandates will shape its trajectory, amplifying its edge in low-impact, scalable solutions.[1][2][5] Its influence may evolve from niche modernizer to ecosystem leader, empowering more institutions to embed services and innovate amid cloud-native dominance—freeing banks to thrive as Tuum sets them free from legacy chains.[1][3][4]
