Tuum, a ‘next-generation core banking platform’ has secured EUR15 million in a Series A funding round led by Portage Ventures.
Existing investors Blackfin Capital Partners and Karma Ventures also participated in the round, which will enable Tuum – formerly known as Modularbank – to continue investing in product innovation and support global growth, focusing initially on strengthening its EU and UK presence.
The funding will initially be used to expand operations in the UK, offering on-the-ground support to customers in its biggest market. It will also fund essential R&D efforts to continue enhancing and expanding the Tuum product portfolio. In addition, Tuum will deploy the new funding towards further investment in its team, projecting to double the team to 140 employees by the end of 2022.
