CommerzVentures has led a €25 million Series B funding round in Estonian core banking provider Tuum, aimed at bolstering its international presence and product offerings.
Information on the Target
Tuum, formerly known as Modularbank, is an Estonian core banking provider that operates an API-first, cloud-agnostic, and modular banking platform. This innovative platform facilitates all retail and business banking processes, allowing financial institutions to adopt cutting-edge technology seamlessly. With a strong customer base spanning 10 countries, including a significant presence in the UK and the Nordics, Tuum has emerged as a key player in the fintech industry.
Over the past three years, Tuum has achieved remarkable growth, with its revenues demonstrating a compound annual growth rate of over 250%. The recent €25 million Series B financing round led by CommerzVentures will further enhance Tuum's capabilities and market reach, supporting its ambition to simplify core banking migrations for financial institutions.
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Industry Overview in Estonia
The fintech industry in Estonia has experienced a rapid transformation, driven by a robust digital infrastructure and a favorable regulatory environment. As one of Europe’s leading digital nations, Estonia has embraced innovation
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Disclosed details
Transaction Size: $28M