TLDR:
Key Points:
- Tuum, a leader in core banking technology, secures investment from Citi Ventures.
- The funding will be used for product development, market expansion, and enhancing Tuum’s banking solution.
Tuum, a pioneer in next-generation core banking technology, has recently received a substantial investment from Citi Ventures, the venture capital arm of Citigroup. This investment is part of Tuum’s Series B fundraising effort, following an initial €25m raise led by CommerzVentures in February. The funding is earmarked for ambitious product development and market expansion, focusing on entering new territories in the DACH region, Southern Europe, and the Middle East, as well as enhancing Tuum’s cutting-edge banking solution.
At its core, Tuum aims to revolutionize the banking industry by offering an innovative platform that combines API-first, cloud-agnostic, and modular technologies. This unique blend allows for a balance of no-code hyper-configurability and cost-efficiency, with the goal of modernizing banking infrastructures. Tuum’s mission is to help banks break free from legacy systems, reduce maintenance costs, and unlock new digital possibilities.
The new investment from Citi Ventures is expected to propel Tuum’s product and market development strategies forward. The company plans to expand its international footprint and invest further in its platform to solidify its position as a frontrunner in banking technology. Luis Valdich, Managing Director at Citi Ventures, expressed excitement about the partnership, highlighting the potential of Tuum’s platform to transform the industry.
Tuum CEO Myles Bertrand welcomed Citi Ventures’ investment as a significant milestone for the company, signaling a major market endorsement of Tuum’s achievements. The partnership with Citi Ventures is poised to bring about new opportunities for both companies as they work together to advance banking technology and innovation.
