Tuum Raises €15M Series A to Scale BaaS Platform in EU and UK

Tuum, previously known as Modularbank, announced a €15 million Series A funding round on January 26, 2022. The round was led by Portage Ventures, a fintech-focused venture capital firm, with continued participation from existing backers Blackfin Capital Partners and Karma Ventures. Tuum operates a cloud-native, API-first core banking platform that enables banks and fintechs to build and launch financial products under a Banking-as-a-Service model.

The fresh capital will be directed toward product innovation and expanding the company's footprint across the EU and UK. The investment signals continued investor confidence in modular core banking infrastructure as demand for BaaS capabilities grows across Europe. Tuum's platform is designed to replace legacy banking systems, enabling faster time-to-market for embedded finance and digital banking products.