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Modularbank

“Can a modular, cloud-native core banking platform displace legacy cores for both incumbent banks and new entrants across Europe?”

Founded2019
HQTallinn, Estonia
FoundersVilve Vene, Ove Kreison, Rivo Uibo, Jan Lakspere
Total raised€15M+
Latest roundSeries A, January 2022
IndustryInfrastructure / BaaS
The story

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.

Last 12 months
2022-01
Product timeline
2019
Founded by fintech veterans as Modularbank, a cloud-native core banking platform built on microservices architecture serving banks, fintechs, and non-financial companies.· banking
2021
Contracted annual recurring revenue increased more than 3x compared to prior year, validating the modular BaaS model.· pivot
2022
Raised €15M Series A led by Portage Ventures and rebranded from Modularbank to Tuum, signaling expansion into EU and UK markets.· acquisition
The stack
Banking / BaaS
Modularbank / Tuum (self-operated)
Lending
Lending module (via platform)
Accounting gap: none