Tuum Raises $27M Series B for Cloud-Native Core Banking Expansion

Tuum, an Estonian cloud-native core banking infrastructure provider, secured $27 million (€25 million) in Series B funding in February 2024. The round was led by CommerzVentures and Speedinvest, two prominent European fintech-focused venture capital firms. Tuum provides API-based core banking infrastructure that enables banks and financial institutions to modernize their technology stacks and launch new financial products.

The funding will be used to fuel the company's expansion into the Middle East, including support for Islamic banking products. Tuum's platform is designed to replace legacy core banking systems, positioning it as a key enabler in the BaaS ecosystem by allowing banks to offer modular, composable banking services. The investment underscores growing demand for next-generation core banking solutions, particularly in markets undergoing rapid digital transformation.

Business Insider and other outlets reported on the raise, highlighting Tuum's role in the broader banking infrastructure modernization trend.