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European expansion for the Estonian fintech startup Tuum after €15 million Series A funding

As it seeks to nourish its European presence as well as to develop international expansion and innovation, the company reported its successful €15 million Series A investment round.
The based in Tallinn firm is one of several attempting to create a more adaptable application for reforming the financial and banking service sector.

Created in 2019 by Estonian IT experts who possess decades of combined theoretical and practical experience in digitalising and altering Scandinavian banks.

The co-Founder and CEO expressed his confidence in the company’s background and knowledge and assured that Tuum is set for great achievements.

Formerly known as Modularbank, Tuum has risen rapidly in recent years with projected yearly profits more than tripling only in 2021. The firm was featured with its former name as one of the next possible unicorns chosen by investors in early 2021.

The Estonian company states that its platform is enabling fintech, banks and non-financial enterprises to put out new financial products and services faster and easier.
Clients list includes names such as LHV UK, Banking Circle, Nets, Estonia’s most recent unicorn Veriff and many other financial technology firms. During the month of December 2020, Tuum secured €4 million in seed investments.

It’s most recent funding round was led by the international multi-strategy alternative asset manager Portage Ventures and in addition, included the independent European VC BlackfinTech as well as Tallin-based late seed specialised VC capital firm Karma Ventures.

Photo by Dmitry Sumin

About the author, Deyvid Stoyanov

Deyvid developed his passion for technology, innovation, blockchain and decentralization throughout his bachelor and masters degree studies in Bulgaria and Italy. With several years of experience in the private sector, he is currently part of the FinTech Legal Center Tallinn-based team and remains immersed in the transformation of the financial and banking sector, the adoption of blockchain and cryptographic technologies as well as their interrelationship with state supervisory authorities and the European regulatory structure.

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