Tuum gets $16.9 million for its banking network
Estonia-based FinTech Tuum, formerly Modularbank, has announced a €15 million ($16.9 million) funding round, according to Sifted.
The round was led by Portage Ventures, a global investor focused on FinTech companies, and was joined by existing investors Karma Ventures and Blackfin Capital Partners.
Tuum said the new funding follows a strong year for the startup, which saw contracted annual revenue increase more than three times last year.
This latest cash injection will support product innovation, strengthen its presence in the UK and Europe.
“We have such solid experience, so much knowledge in this industry, and we are so confident that we can accomplish a lot,” Tuum CEO and co-founder Vilve Vene told the outlet.
Founded in 2019 by banking and FinTech executives, Tuum provides what it calls a flexible and modular platform. The company says its core cloud-based banking networks enable financial and non-financial businesses to introduce products and services that meet customer needs, drive sales and build loyalty.
The company employs over six dozen workers in Tallinn, Berlin, Malaga, Spain and London. The team is expected to double over the next year.
Also this week, Monese, another London-based FinTech, launched a credit building service for its UK customers aimed at enabling them to build a credit history and improve their credit score with the three credit bureaus. and lenders in the country.
See also: UK Challenger Banks make it easier to access loans with credit creation tools
Without established credit, consumers and businesses often face an uphill battle to access credit. Last year, Experian estimated that nearly 5.2 million people in the country were excluded from financial services because they were invisible to credit.
Monese’s credit vice president, Garrett Cassidy, said the product was the result of feedback received from customers saying access to credit was a challenge in the UK, particularly for gig workers.