Estonian core banking platform Tuum has raised €15m in a Series A funding round led by Portage Ventures.

Existing investors Blackfin Capital Partners and Karma Ventures also joined the round.

Tuum, formerly known as Modularbank, will use the funding to enhance its product portfolio by investing in R&D.

The proceeds will also be used to expand its operations in the UK, European Union and beyond.

Additionally, Tuum plans to double its headcount by the end of 2022 to 140.

Tuum CEO Vilve Vene said: “In three years, Tuum has become the core banking technology provider of choice for various financial institutions and non-financial companies, enabling them to innovate at pace and launch future-facing value propositions.”

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Founded in 2019, Tuum has created a modular cloud-agnostic core banking platform for banks, fintechs and non-financial companies.

Tuum’s clients can use its offerings to launch new financial products and services quickly.

The technology vendor also claims that it has recorded an increase of three times in its contracted annual recurring revenue in 2021 compared to the previous year.

Portage Ventures partner Hélène Falchier said: “Tuum has built a compelling core banking solution – cloud-based, modular and easy to integrate – that allows their customers to launch and offer a full suite of banking services quickly and reliably. At Portage Ventures, we are excited to be part of the Tuum journey as they set out to modernise banking services by delivering what we believe to be a true new infrastructure solution.”

BlackFin Capital Partners investment director Michele Foradori said: “By combining cutting-edge technology with extensive banking expertise, Tuum is ideally positioned to support banks in modernising their systems, but also to respond to the increasing demand for ‘embedded finance’ use cases by new entrants to the market.”