Tuum Notches $16.9M for its Next-Generation Banking Network

Estonia-based FinTech Tuum, formerly Modularbank, announced a 15 million euro ($16.9 million) funding round, according to Sifted.

The round was led by Portage Ventures, a global investor focused on FinTech companies, and was joined by existing investors Karma Ventures and Blackfin Capital Partners.

Tuum said the new funding follows a strong year for the startup, which saw contracted annual revenue increase more than three times last year.

This latest infusion of cash will support product innovation, strengthen its presence in the United Kingdom and Europe.

“We have such a strong background, so much knowledge in this industry, and we are so sure that we can achieve a lot,” Tuum CEO and Co-founder Vilve Vene told the news outlet.

Founded in 2019 by banking and FinTech executives, Tuum provides what it calls a flexible and modular platform. The company says its cloud-based core banking networks allows financial and non-financial companies to introduce products and services that meet customer needs, boost sales and build loyalty.

The company employs more than six dozen workers in Tallinn, Berlin, Malaga, Spain and London. The team is projected to double to over the next year.

Also this week, Monese, another London-based FinTech, launched a credit builder service for its U.K. customers aimed at enabling them to build a credit history and improve their credit score with the three credit agencies and lenders in the country.

See also: UK Challenger Banks Facilitate Loan Access With Credit Builder Tools

Without established credit, consumers and businesses often face an uphill battle when accessing credit. Last year, Experian estimated that nearly 5.2 million people in the country were excluded from financial services because they were credit invisible.

Monese Vice President of Credit Garrett Cassidy said the product was the result of feedback received from customers saying credit access is a challenge in the U.K., particularly for gig workers.