Estonian banking platform Tuum has secured $26 million in Series B funding to fuel its expansion into new parts of Europe. This latest funding round will enable Tuum to target central and southern European regions, as well as the Middle East. The company plans to enhance its direct sales and marketing operations, establish new managed service partnerships, and further develop its key competitive differentiators.
Tuum’s primary focus is to invest in its “smart migration” capabilities, allowing for faster and more efficient core migrations within just two months. By streamlining this process, Tuum aims to assist banks in replacing their aging core banking systems to adapt to the digital banking era successfully. The company also intends to refine its “Business Builder” platform, providing a more customized and tailored approach compared to the generic strategies adopted by other cloud-native cores.
Moreover, Tuum plans to expand its suite of modules and rich functionality, particularly in areas such as accounts, lending, payments, and card services, catering to both corporate and banking sectors. With these enhancements, Tuum aims to address the evolving needs of banks and offer a comprehensive solution that promotes digital transformation.
The banking sector’s growing emphasis on digital banking is evident in the increasing number of active mobile banking users. A recent PYMNTS Intelligence study found that a significant percentage of Generation Z, millennials, and Generation X consumers rely on mobile banking for their financial transactions and banking needs. It is no surprise, then, that leading financial institutions like Bank of America and JPMorgan Chase are reporting record numbers of active digital banking users.
As Tuum continues to expand its presence across Europe and beyond, the company remains committed to simplifying core migrations, developing customizable solutions, and staying at the forefront of digital banking innovation. With their recent funding, Tuum is poised to make a significant impact in revolutionizing the banking industry.
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The source of the article is from the blog windowsvistamagazine.es