Priya PatelTLDR:
– Core banking fintech company Tuum receives an investment from Citi Ventures as part of their Series B fundraising round.
– Citi Ventures plans to introduce Tuum to key stakeholders within the bank to explore commercialization opportunities.
Core banking fintech company Tuum has recently announced an investment from Citi Ventures, a venture capital arm of Citigroup, as part of their Series B fundraising round. The investment comes after Tuum raised EUR25m in their Series B fundraise led by CommerzVentures. The funds will be used for product and market development, as well as expanding into new territories in the DACH region, Southern Europe, and the Middle East. Citi Ventures will serve as a strategic investor and plans to introduce Tuum to key stakeholders within the bank to explore commercialization opportunities.
Tuum’s API-first, cloud-agnostic, and modular platform aims to modernize core banking tech stacks and revolutionize financial services. The company’s smart migration approach helps banks transition to their platform quickly and easily, enabling them to launch new products and business lines from a single system. Additionally, Tuum’s business builder allows banks to configure their operating models and capitalize on the possibilities of digitization.
Luis Valdich, Managing Director at Citi Ventures, expressed excitement about investing in Tuum, highlighting the company’s potential to accelerate the transformation of the industry. Myles Bertrand, CEO of Tuum, welcomed Citi Ventures as a strategic investor and emphasized the significance of the investment from one of the largest banking groups in the world.
Overall, the investment from Citi Ventures represents a major milestone for Tuum and a significant market endorsement of the company’s achievements. With plans to expand internationally and accelerate investment in their core banking solution, Tuum is poised for further growth and success in the fintech industry.
