Tuum, a London and Tallinn based core banking provider, 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 EUR25m Series B fundraise led by CommerzVentures, the proceeds from which will be used for product and market development. The company plans to expand its international presence — targeting new territories in the DACH region, Southern Europe, and the Middle East — and to accelerate investment in its market-leading solution.

As strategic investors on behalf of Citi, Citi Ventures — whose mission is to catalyze innovation at Citi by investing in and partnering with category-defining startups with the potential to revolutionize 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 commercialization opportunities.

Luis Valdich, a Managing Director responsible for Citi Ventures’ fintech investments globally, commented:

“At Citi Ventures, we have been tracking the modernization 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.”