Tuum (company)

Tuum

Type

| Privately held company

|

Industry| Fintech, Software as a Service
Founded| 2019
Founders| Vilve Vene, Rivo Uibo, Ove Kreison, Jan Lakspere and Jüri Kirme
Headquarters|

Tallinn

Estonia

Website| www.tuumplatform.com

Tuum (formerly Modularbank) is a core banking technology provider headquartered in Estonia. Founded in 2019, the company provides core banking infrastructure to banks and financial service providers, covering all retail banking and business banking functions.[1][2]

## Contents

* 1 History
* 2 Funding
* 3 References
* 4 External links

## History[edit]

Tuum was founded in 2019 by a group of Estonian Financial IT professionals – Vilve Vene, Rivo Uibo, Ove Kreison, Jan Lakspere and Jüri Kirme. It originally started as a spin-off project of software development company Icefire.[3][4] In 2021, Icefire was acquired by a London-based online payment solution provider Checkout.com, the largest Unicorn (finance) in EMEA. [5][6][7]

In March 2021, Tuum was listed among the potential future Estonian unicorns by Sifted. In August 2021, Tuum was also featured among the hottest Tallinn based startups to look out for in 2021 and beyond.[8] In September 2021, Tuum was featured among the Europe’s 100 hottest young Scaleup company of 2021 by Tech5, and was named the country winner for Estonia.[9]

In October 2021, the company was rebranded as Tuum (which translates to ‘Core’ in Estonian).[2][10]

In February 2022, Tuum was featured among 10 exceptionally promising Estonian startups list.[11]

## Funding[edit]

In December 2020, Tuum received late seed funding amounting to €4 million from Karma Ventures and BlackFin Capital Partners, with additional support from Plug and Play Ventures, Siena Capital and angel investor Ott Kaukver (ex-CTO of Twilio and Skype).[12]

In January 2022, Tuum closed a Series A round funding round of €15 million.[13] Portage Ventures led this round, and was joined by existing investors BlackFin Capital Partners and Karma Ventures.[14]

## References[edit]

1. ↑ Taremäe, Liisi (8 July 2021). "The future of banking is modular". Invest in Estonia. Retrieved 12 May 2022.
2. ↑ 2.0 2.1 Popp, Christine (9 December 2021). "From Modularbank to Tuum – a core banking system that's not only for banks". Swisscom. Retrieved 12 May 2022.
3. ↑ Pihlak, Harlet (25 September 2019). "London's Checkout.com acquires Tallinn-based software Dev Icefire". E-Estonia. Retrieved 12 May 2022.
4. ↑ Brindusescu, Andrei (9 February 2021). "Modularbank: at the Forefront of "Pick and Choose" Banking". ITKeyMedia. Retrieved 12 May 2022.
5. ↑ Taylor, Dan (16 June 2021). "London's Checkout.com acquires Tallinn-based software Dev Icefire". Tech.eu. Retrieved 11 May 2022.
6. ↑ Browne, Ryan (12 January 2021). "Fintech firm Checkout.com crowned Europe's top unicorn after tripling valuation to $15 billion". CNBC. Retrieved 11 May 2022.
7. ↑ "Checkout.com Acquires Software Firm Icefire". PYMNTS.com. 16 June 2021. Retrieved 23 May 2022.
8. ↑ Guarin, Anto (8 September 2021). "10 of the hottest Tallinn-based startups to look out for in 2021 and beyond". EU-Startups. Retrieved 12 May 2022.
9. ↑ Hak, Andrea (13 October 2021). "1 Europe's 100 hottest young scaleups of 2021". TNW. Retrieved 12 May 2022.
10. ↑ McGrath, Hannah (30 September 2021). "Modularbank re-brands to Tuum". FStech. Retrieved 12 May 2022.
11. ↑ Allen, Patricia (7 February 2022). "10 exceptionally promising Estonian startups to watch in 2022 and beyond". EU-Startups. Retrieved 23 May 2022.
12. ↑ Kütt, Ave (9 December 2022). "Estonian FinTech Modularbank raises €4M from Silicon Valley's and European VCs and an ex-Skyper". Invest in Estonia. Retrieved 13 May 2022.
13. ↑ Faridi, Omar (27 January 2022). "Estonian Core Banking Fintech Tuum Acquires €15M Via Series A Round". Crowdfund Insider. Retrieved 23 May 2022.
14. ↑ Gillet, Kit (25 January 2022). "Estonian fintech Tuum raises €15m to bring banking up to speed". Sifted. Retrieved 12 May 2022.

## External links[edit]

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