We advised Portage Ventures, leader of the investment round joined by existing investors Blackfin Capital Partners and Karma Ventures, on a EUR 15 million investment into Tuum, a Tallinn-based fintech.
Strengthening EU and UK presence
The round will enable the core banking technology provider – formerly known as Modularbank – to continue investing in product innovation and support global growth, focusing initially on strengthening its EU and UK presence. The new funding announcement follows a robust year of growth, with Tuum’s contracted annual recurring revenue increasing more than 3 times in 2021 compared to the previous year.
The funding will initially be used to expand operations in the UK, offering on-the-ground support to customers in its biggest market. It will also fund essential R&D efforts to continue enhancing and expanding the Tuum product portfolio. In addition, Tuum will deploy the new funding towards further investment in its team, projecting to double the team to 140 employees by the end of 2022.
Flexibility in focus
Founded in 2019 by banking and fintech experts, Tuum has created an extremely flexible and modular platform that caters to a broad range of clients. Tuum’s cloud-agnostic core banking platform enables banks, fintechs, and traditionally non-financial companies to quickly and easily roll out new financial products and services – better addressing the needs of customers, increasing sales and fostering loyalty.
Our services and client team
We advised Portage Ventures on all stages of the investment.
Our client team was led by counsel Lauri Liivat supported by partner Toomas Prangli and associate Vladislav Leiri. The team also included counsel Pirkko-Liis Harkmaa, senior associate Olivia Kranich and associates Kristi Tammiku, Mirjam Metsik, Liisa Kuuskmaa and Maria Plahhotnikova.