Tuum has announced that Citi Ventures, a venture capital arm of US-headquartered Citigroup, has become a strategic investor in the company as a follow-on from Tuum’s recently announced series B fundraising.
At the start of February, Tuum announced a €25m Series B fundraise led by CommerzVentures, the proceeds from which will be used for product and market development.
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As strategic investors on behalf of Citi, Citi Ventures, whose mission is to catalyse innovation at Citi by investing in and partnering with startups with the potential to make an impact in financial services, has invested in an extension to the Series B round and plans to introduce Tuum to key stakeholders within the bank to gauge interest in commercialisation opportunities.
Tuum is focused on expanding presence
The company plans to expand its international presence, targeting new territories in the DACH region, Southern Europe, and the Middle East. It also looks to accelerate investment in its market-leading solution.
Luis Valdich, a Managing Director responsible for Citi Ventures’ fintech investments globally, commented: “At Citi Ventures, we have been tracking the modernisation of core banking tech stacks for years. After exploring numerous opportunities to invest in next-gen core banking providers, we are excited to invest in Tuum, whose API-first, cloud-agnostic and modular platform promises to strike an optimal balance between no-code hyper-configurability and total cost of ownership that can help accelerate this long overdue transformation across the industry.”
Myles Bertrand, CEO of Tuum, added: “We are delighted to welcome Citi Ventures as a strategic investor. This investment from one of the largest banking groups in the world, with market-leading positions globally in corporate, private and retail banking, represents a major milestone as well as a significant market endorsement of what Tuum has achieved. We are excited about working with the team and exploring opportunities together.”
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