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Citi Ventures invests in Tuum

Citi Ventures invests in Tuum

Citi Ventures has invested in core banking provider Tuum, following on from last month's €25 million fund raise led by CommerzVentures.

Formerly known as Modularbank, Tuum operates an API-first, cloud-agnostic and modular banking platform that covers all retail and business banking processes. The company boasts a customer base across 10 countries, with a pronounced presence in the UK, and Nordics. Over the last three years, Tuum's revenues have demonstrated a compound annual growth rate of over 250%.

The company says it will use the proceeds from its fund raising for product and market development and to expand its international presence — targeting new territories in the DACH region, Southern Europe, and the Middle East.

The extension to the round by Citi Ventures comes with a pledge 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, comments: “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.”

The value of the investment has not been disclosed.

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