visimoney
TLDR:
- Citi Ventures has become a strategic investor in Tuum, a core banking provider based in London and Tallinn.
- The investment from Citi Ventures will help Tuum expand internationally and accelerate investment in its market-leading solution.
In a recent announcement, Tuum, a core banking provider based in London and Tallinn, revealed that Citi Ventures, the venture capital arm of Citigroup, has made a strategic investment in the company following Tuum’s Series B fundraising. Tuum recently raised EUR25 million in a Series B fundraise led by CommerzVentures, with plans to use the proceeds for product and market development. The company is focused on expanding its international presence in the DACH region, Southern Europe, and the Middle East, as well as accelerating investment in its innovative solution.
Citi Ventures, as a strategic investor on behalf of Citi, has joined the Series B round and intends to introduce Tuum to key stakeholders within the bank to explore commercialization opportunities. Luis Valdich, Managing Director of Citi Ventures, expressed excitement about investing in Tuum, highlighting the company’s API-first, cloud-agnostic, and modular platform that aims to modernize core banking tech stacks. Tuum’s CEO, Myles Bertrand, welcomed Citi Ventures as a strategic investor, emphasizing the significance of the investment from one of the world’s largest banking groups and the endorsement it represents for Tuum’s accomplishments.
The partnership between Tuum and Citi Ventures is poised to drive innovation in the financial services industry, as both companies work together to revolutionize core banking technology and deliver enhanced solutions for customers worldwide. The strategic investment from Citi Ventures will not only support Tuum’s growth and expansion but also open up new opportunities for collaboration and development in the global banking sector.
