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 , |
Website | www |
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]
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]
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]
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