“Can a modular, cloud-native core banking platform displace legacy cores for both incumbent banks and new entrants across Europe?”
Founded in 2019 by Vilve Vene and co-founders with deep roots in Baltic banking (Hansabank/Swedbank), Modularbank launched as a cloud-native, API-first core banking platform targeting both incumbent banks and challenger fintechs. The platform's microservices architecture allowed financial institutions to adopt only the modules they needed — payments, lending, accounts — rather than ripping and replacing legacy cores. Following rapid ARR growth in 2021, the company raised €15M in Series A funding in early 2022 and rebranded to Tuum, reflecting an ambition to expand beyond its Estonian roots into broader EU and UK markets.
Modularbank discloses Modularbank / Tuum (self-operated) as its banking provider, according to the Embedded Finance Index 2026.
Modularbank does not disclose a bank charter of its own; its banking services are provided through Modularbank / Tuum (self-operated).
The Embedded Finance Index 2026 maps 2 layers in Modularbank's stack: Banking / BaaS (Modularbank / Tuum (self-operated)); Lending (Lending module (via platform)).
Modularbank was founded by Vilve Vene, Ove Kreison, Rivo Uibo and Jan Lakspere and is founded in 2019, headquartered in Tallinn, Estonia.
Modularbank has raised €15M+ in total (latest round: Series A, January 2022).
Get a read on where your own stack stands against Modularbank and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.