Profile

Tuum’s mission is to help banks replace their legacy systems quickly and securely, reduce maintenance costs, and unlock new opportunities for adaptation and growth in the digital world. In short, the company aims to set banks free to thrive in the evolving digital landscape.

Visit www.tuum.com

Key Products

Tuum offers a cloud-native, platform-agnostic core banking platform built on a microservices architecture, designed to help banks overcome the limitations of legacy systems. Its modular products—including accounts, lending, payments, cards, and Islamic banking—provide rich, out-of-the-box functionality that allows institutions to implement individual components as needed, supporting agility and reducing costs. Tuum’s Business Builder capability enables fine-tuned, no-code configuration, allowing banks to adapt quickly and avoid costly customizations. With lower total cost of ownership and seamless API integrations, Tuum’s platform empowers banks to innovate, scale, and operate across diverse banking models, making it a versatile and future-proof choice for modern financial institutions.

Key Executives

Myles Bertrand, CEO

Myles is an experienced and proven leader with over 20 years of experience in financial technology and banking software solutions. As the former Managing Director at Mambu APAC, and more recently the Chief Revenue Officer at global digital micropayments platform DT One, Myles brings key strengths in core banking and payments coupled with a wealth of experience in leading growth and driving execution globally, developing strategic business partnerships and building teams that drive company success.

Rivo Uibo, Chief Business Officer and Co-Founder

Rivo’s expertise lies in architecting, leading, and advising financial institutions. He has lead numerous new business ventures and transformation projects throughout his career. At Icefire, Rivo was responsible for designing an award-winning business case for SME lending in an API economy for OP Financial Services and providing Volkswagen Financial Services with a blockchain-based concept framework to share relevant information with all stakeholders.

Ove Krieson, Chief Technology Officer and Co-founder

Ove’s career in information technology began at Ernst & Young, from where he moved to Icefire. In his position as Head of Research and Development, Ove played a critical role in developing future-looking services for several Nordic banks and financial institutions. In 2018, he was awarded the Fintech Futures Banking Technology Award for ‘Best Use of IT in Corporate Banking’ for a project with OP Bank in Finland.

Jan Lakspere, Chief Product Officer and Co-founder

For over two decades, Jan has been developing innovative banking solutions which continuously push the envelope of what is capable with financial technology. From the 2000s, Jan was responsible for developing the entire pan-Baltic IT infrastructure of Estonia’s first commercial bank, Hansabank. In Icefire, he oversaw the development of pioneering technologies for companies including mobile bank Pocopay and international telecoms company, Telia.

Edgardo Torres-Caballero, Chief Revenue Officer

With over 20 years of experience in the SaaS, IT and financial services industry, Edgardo has overseen operations in multinationals like Hewlett Packard, as well as various European SaaS start-ups and scale-ups. As the former Managing Director at Mambu America and more recently VP Global Partnerships at Feedzai, he brings expertise in core banking technology, together with a wealth of experience in expanding global sales, marketing and partnerships.

Juri Kirme, Senior Solution Architect and Co-founder

Jüri’s expertise in information technology spans over two decades, dating back to his tenure as Head of Software Development at Hansabank. He has deep business and technical knowledge of banking systems, including reengineering business processes, UI, and technical architecture. Jüri lead the overhaul project for the Estonian tax office, resulting in the Estonian Tax and Customs Board becoming one of the most modern and efficient tax authorities worldwide.

Customer Insights

We have a published case study based on LHV Bank which can be accessed here.

We have the following industry endorsements which included client interviews as part of the evaluation:

IDC Marketscape: Tuum named as a major player

Omdia: Tuum: ‘On the radar’

Celent: OP Bank wins model bank for best core transformation (OP is a Tuum client)

And we have the following testimonial quotes from clients:

‘We feel confident that in Tuum, we’ve found the right partner to help us grow in whichever way the future takes us’ – Sweep Bank

‘To continue to push the envelope in SME lending, we needed a core banking system that enables us to innovate and scale at pace. Tuum has both the technology and the know-how to help us to achieve our business goals’ – CrediNord

‘We did a very in-depth due diligence, and Tuum passed that with a lot of glory. When it took others weeks to get back with an answer, Tuum was very quick and consistent and had a whole team behind the salesperson’ – Januar

‘No CTO really wants to address the problem of ageing core systems. They’re complex and mission-critical, which makes everybody risk averse. But core systems are expensive to run and hold back innovation. With our core replacement we have shown that migrations can now be done predictably. We would encourage others to address their own technical debt.’ – LHV

‘Not only did Tuum as a core banking platform present some of the best qualities in the market, but a partner like Tuum also enabled us as a project to adopt this very agile, low bureaucracy collaboration model where knowledge was shared between OP and Tuum, and key architectural questions were discussed together as one project team.’ – OP Financial Group

Investors

Here is the history of Tuum’s funding rounds to date, which includes notable investors such as CommerzVentures and Citi Ventures.

Total Investments:

• Follow on Series B investment in March 2024 by Citi Ventures


• €25m Series B in February 2024 led by CommerzVentures and SpeedInvest


• €500k invested by Aperture in 2023


• €1m convertible debt invested by LHV Group in April 2022.


• €15m Series A raise at a €57m pre-money valuation in January 2022 (6.3x the 2020 valuation) led by Portage Ventures, with previous lead investors Blackfin Capital Partners and Karma Ventures also participating.


• €4m Seed Round at a €9m pre-money valuation in November 2020 led Blackfin Capital P

Competitors

• Legacy Competitor: Temenos


• Next generation Competition: Mambu and Thought Machine

Corporate Responsibility

At Tuum, corporate responsibility is central to the company’s mission, shaping how it operates, innovates, and engages with communities.

Mission and ESG Focus

Tuum is committed to sustainable development and ethical practices, integrating environmental, social, and governance (ESG) principles throughout its operations. As a cloud-native, digital-first company, Tuum prioritizes solutions that help banks modernize with a lower environmental impact. The company partners with providers like Amazon Web Services (AWS), which is on track to reach 100% renewable energy by 2025, ensuring that its data centers align with environmental values. Tuum also offers Sharia-compliant banking products, which adhere to principles of fairness, transparency, and social responsibility, enabling the company to serve diverse markets ethically. Additionally, through a partnership with GreenDice, Tuum contributes to reducing IT waste in Estonia by offering quality refurbished equipment with transparent CO2 tracking and recycling commitments.

Environmental Responsibility

Tuum recognizes the importance of resource conservation and pollution reduction. The company has implemented measures to minimize its environmental footprint, including using energy-efficient equipment, optimizing office space, reducing travel, and promoting digital-first practices to limit printing and paper waste. Tuum also aims to use non-toxic, biodegradable materials and prioritize sustainable resources, ensuring its operations are as environmentally responsible as possible.

Social Inclusion and DE&I

Diversity, equity, and inclusion (DE&I) are fundamental to Tuum’s operations. The company is dedicated to fostering an inclusive workplace where all employees are respected, supported, and empowered to thrive. Tuum is an equal-opportunity employer, with policies in place to prevent discrimination and support fair labor practices. The company is committed to human rights and actively opposes modern slavery and human trafficking, as outlined in its Human Rights and Modern Slavery policies.

Community Engagement

Tuum’s community involvement extends beyond business operations. The company actively participates in local and international initiatives that promote tech accessibility and education. Through its collaboration with GreenDice, Tuum supports accessible IT solutions for Estonian communities, helping bridge the digital divide. This partnership provides affordable, high-quality technology options to those who may otherwise lack access, contributing to digital inclusion and reducing tech waste.

Through these initiatives, Tuum aims to drive positive impact both within its industry and beyond, fostering responsible growth and a sustainable future for all stakeholders.