Tuum, the core banking provider today announces that Citi Ventures, a venture capital arm of US-headquartered Citigroup, has become a strategic investor in the company as a follow-on from Tuum’s recently announced series B fundraising.
At the start of February, Tuum announced “a EUR25m Series B fundraise led by CommerzVentures, the proceeds from which will be used for product and market development.”
The company plans to expand its international presence — “targeting new territories in the DACH region, Southern Europe, and the Middle East — and to accelerate investment in its market-leading solution.”
As strategic investors on behalf of Citi, Citi Ventures — whose mission is “to catalyze innovation at Citi by investing in and partnering with category-defining startups with the potential to revolutionize financial services — has invested in an extension to the Series B round and plans to introduce Tuum to key stakeholders within the bank to gauge interest in commercialization opportunities.”
Luis Valdich, a Managing Director responsible for Citi Ventures’ Fintech investments globally, commented:
“At Citi Ventures, we have been tracking the modernization of core banking tech stacks for years. After exploring numerous opportunities to invest in next-gen core banking providers, we are excited to invest in Tuum, whose API-first, cloud-agnostic and modular platform promises to strike an optimal balance between no-code hyper-configurability and total cost of ownership that can help accelerate this long overdue transformation across the industry.”
Myles Bertrand, CEO of Tuum, added:
“We are delighted to welcome Citi Ventures as a strategic investor. This investment from one of the largest banking groups in the world, with market-leading positions globally in corporate, private and retail banking, represents a major milestone as well as a significant market endorsement of what Tuum has achieved. We are excited about working with the team and exploring opportunities together.”
At Tuum, their mission is to allow banks “to replace their legacy systems quickly and safely, to lower their maintenance spending and to open up new possibilities to adapt and prosper in the digital world; in short, to set them free.”
They employ a smart migration approach to “help banks to move off their current systems. Using this approach, our clients go-live on average within 7 months.”
Once live, their system enables banks “to easily launch new products and open up new verticals. Offering more than core, Tuum allows banks to operate multiple business lines from a single system, including accounts, lending, payments and cards, as well as go further through access to a pre-configurated ecosystem of partner solutions.”
Tuum also allows for business transformation.
Their business builder gives banks the fine-grained settings “to precisely configure their operating, sourcing and distribution models to launch unique models to capitalise on the possibilities of digitization.”