Tuum

Tuum Teams Up with Debt Management Specialist Flexys

Tuum Teams Up with Debt Management Specialist Flexys
By David Penn Posted on
Categories: Alumni News, Daily news, Tuum
  • Core banking platform provider Tuum announced a partnership with debt management specialist Flexys.
  • The partnership will help banks improve their debt collection workflows.
  • Tuum won Best of Show in its Finovate debut at FinovateEurope earlier this year.

U.K.-based core banking platform Tuum has teamed up with debt management specialist Flexys. The partnership will help banks streamline and enhance their debt collection processes at a time when legacy core systems are limiting financial institutions’ ability to better serve their customers. These “old cores” also make it more difficult for FIs to keep up with stricter regulations surrounding credit and debt management.

“Flexys and Tuum are tackling debt management pain points head-on,” Tuum VP of Global Partnerships Jean Souto said. “Our partnership gives banks high-tech tools to streamline collections from end-to-end, reducing hassles through automation – a win for everyone involved.”

The partnership will help banks deal with the dual problem of tightening regulations and outdated, cumbersome debt management technology. Not only can legacy core systems inhibit the ability of financial institutions to readily meet compliance requirements, they can also fall short when it comes to providing more personalized service to customers. Integrating the two platforms enables FIs to swap out their old core systems in favor of cloud-based, debt collection workflows, and benefit from real-time data to help personalize the experience for each customer.

“We’re thrilled to team up with Tuum and help banks break out of the legacy debt management rut,” Flexys CEO James Hill said. “With our integrated platforms, lenders can ditch inefficient processes in favor of frictionless digital experiences that genuinely support customers when they need it most.”

U.K.-based Flexys offers state-of-the-art debt management solutions that enable financial institutions to automate and digitize their customer interactions. The company’s flagship offering, Control+, is a cloud-native, real-time, “intelligent debt resolution” platform that provides enterprise-grade collections functionality from digital self-serve to agent management and recoveries. Founded in 2016, Flexys began this year partnering with another Finovate alum, Thought Machine, which integrated Flexys’ Control+ platform into its core banking solution, Vault Core.

Tuum made its Finovate debut at FinovateEurope 2024, winning Best of Show in its demonstration of its modular, cloud-native, API-first banking platform. In the months since then, the company has forged partnerships with Islamic fintech solution provider DDCAP Group, digital banking and wealth management firm CREALOGIX, and KYB/KYC automation solutions company TransactionLink. In June, Tuum announced a strategic partnership with open banking company Ozone API. The union will help Tuum’s bank and financial institution customers comply with open banking regulations.

“Our collaboration with Tuum marks a new chapter for open banking and finance globally,” said James Bushby, Ozone API GM for Europe and Global Partnership Lead. “Our combined strengths will enable financial institutions to tackle compliance challenges while harnessing the immense opportunities of open banking.”

Founded in 2019, Tuum has raised more than $48 million in funding according to Crunchbase. In March, the company announced that Citi Ventures has become a strategic investor in the firm as a follow-on to its Series B round.

Photo by micheile henderson on Unsplash

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Greg Palmer and the Finovate Podcast: Financial Literacy, Core Banking, and Deepfake Detection

Greg Palmer and the Finovate Podcast: Financial Literacy, Core Banking, and Deepfake Detection
By David Penn Posted on
Categories: Corsound AI, Podcasting, Tuum, Zeed

Finovate VP and host of the Finovate podcast Greg Palmer continues his conversations with Best of Show winning companies from FinovateEurope.

Join Greg as he talks about the next generation of investment and wealth management content with Salman Hussain of Zeed, the value of flexibility in core banking with Richard Weston of Tuum, and the challenge of identity theft, deep fakes, and the escalating AI arms race with Gal Haselkorn of Corsound.ai.

Greg Palmer interviews Salman Hussain, co-founder of Zeed. The company enables retail investors to engage with financial content by leveraging interactive AI. Zeed’s technology also enables issuers to deploy these AI-based tools to educate and grow their retail investor base. Demo video.

Episode 211 – Salman Hussain, Zeed

Greg Palmer talks with Richard Weston, Sales Director with Tuum, on the latest innovations in core banking technology. With a strong focus on the U.K. and the Nordics, Tuum is a next generation core banking software provider that helps banks modernize their systems, open new revenue streams, and build new business models. Demo video.

Episode 210 – Richard Weston, Tuum

Greg Palmer catches up with Corsound AI CEO Gal Haselkorn to discuss cutting-edge developments in voice intelligence and deepfake detection. Corsound AI, headquartered in Tel Aviv, Israel, offers a real-time deepfake detection solution that provides immediate threat mitigation for a robust defense against emerging security threats. Demo video.

Episode 209 – Gal Haselkorn, Corsound.ai

Photo by Will Francis on Unsplash

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Tuum Raises Funds for its API-First Core Banking Tech

Tuum Raises Funds for its API-First Core Banking Tech
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Funding, Tuum
  • Tuum received a strategic investment from Citi Ventures in a Series B follow-on round.
  • The amount of today’s installment was undisclosed, and boosts the company’s total funds to more than $49 million (€45 million).
  • Citi Ventures plans to introduce Tuum to key stakeholders within Citibank and gauge interest in commercialization opportunities.

API-based core banking provider Tuum announced today that it has secured additional funding as part of its Series B round. This strategic investment from Citi Ventures, the amount of which was undisclosed, brings the company’s total funding to over $49 million (€45 million).

Tuum, which won Best of Show honors at last month’s FinovateEurope event, received $27 million (€25 million) in funding at the start of February in a Series B round led by CommerzVentures. Tuum plans to use the funds to fuel product and market development and to expand its international presence into the DACH region, Southern Europe, and the Middle East.

As part of Citi Ventures’ role as strategic investor, the firm plans to introduce Tuum to key stakeholders within Citibank and gauge interest in commercialization opportunities.

“At Citi Ventures, we have been tracking the modernization of core banking tech stacks for years,” said the firm’s Managing Director responsible for fintech investments globally Luis Valdich. “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.”

Estonia-based Tuum was launched under the name Modularbank in 2019. With 100 employees, the company aims to help banks replace their legacy systems, reduce spending on maintenance, and quickly adapt to changing trends. Tuum’s technology extends beyond core replacement to help banks add accounts, lending, payments, and card offerings. In addition, the company offers customers access to range of third-party tools through its partner marketplace, which includes solutions from AMLYZE, Salt Edge, NTT Data, Entersekt, and others .

Tuum’s clients come from a range of 10 countries, but primarily hail from the U.K. and the Nordic region. The company launched just in time to leverage the digital transformation frenzy that took place in 2020. Since that time, Tuum’s revenue has more than doubled each year on average over a three-year period, resulting in an overall revenue increase of more than 2.5 times.

The video of Tuum’s demo from FinovateEurope will be available in the coming days.

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FinovateEurope 2024 Best of Show Winners Announced

FinovateEurope 2024 Best of Show Winners Announced
By David Penn Posted on
Categories: Best of Show, Corsound AI, FinovateEurope 2024, Tuum, Zeed

Day One of FinovateEurope 2024 is in the books! That means it’s time to find out which demoing companies made the greatest impressions on our Finovate audience – earning our coveted Best of Show award.

Corsound AI for its technology that helps businesses fortify their security measures against voice-related fraud. Video.

Tuum for its solution that allows banks to orchestrate new businesses and business models, unlocking new revenue streams. Video.

Zeed for its platform that enables public companies and asset managers to reach and engage retail investors by leveraging video content. Video.

Thanks to all of the companies that demonstrated their latest technologies live on the Finovate stage on Tuesday. The diverse array of fintech innovations – from new ways to combat fraud to solutions that help banks attract new customers and boost revenues – was a great sign of where our industry is today, and where it appears to be headed.

Be sure to check out our FinovateEurope 2024 recap next Monday as we look back at some of the key themes and issues raised in this week’s conference.

Notes on methodology:
1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote.
2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their three favorites.
3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.”
4. The three companies appearing on the highest percentage of submitted ballots were named “Best of Show.”
5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2023 conferences are below:
FinovateEurope 2015
FinovateSpring 2015
FinovateFall 2015
FinovateEurope 2016
FinovateSpring 2016
FinovateFall 2016
FinovateAsia 2016
FinovateEurope 2017
FinovateSpring 2017
FinovateFall 2017
FinovateAsia 2017
FinovateMiddleEast 2018
FinovateEurope 2018
FinovateSpring 2018
FinovateFall 2018
FinovateAsia 2018
FinovateAfrica 2018
FinovateEurope 2019
FinovateSpring 2019
FinovateFall 2019
FinovateAsia 2019
FinovateMiddleEast 2019
FinovateEurope 2020
FinovateFall 2020
FinovateWest 2020
FinovateEurope 2021
FinovateSpring 2021
FinovateFall 2021
FinovateEurope 2022
FinovateSpring 2022
FinovateFall 2022
FinovateEurope 2023
FinovateSpring 2023
FinovateFall 2023

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FinovateEurope 2024 Sneak Peek Series: Part 4

By Madeline Clines Posted on
Categories: Corsound AI, Dotfile, Eleos, Finerative, FinovateEurope 2024, FinovateEurope 2024 Sneak Peek, SkenarioLabs, Tuum, Zeed

A look at the companies demoing at FinovateEurope in London on February 27. Register today using this link and save 20%.

Corsound AI

Corsound AI utilizes innovative technology to verify customers’ identities for financial institutions, leveraging over 200 patents to detect AI scams and voice fraud.

Features

  • Provides an innovative method to detect deepfakes in call centers, with or without DB
  • Delivers a revolutionary way to prevent identity theft
  • Offers a unique voice-face matching technology

Who’s it for?

Banks, credit unions, payment providers, and small-and-medium-sized businesses.

Dotfile

Dotfile is an end-to-end business verification platform that automates KYB and AML procedures, reduces fraud, and streamlines compliance operations.

Features

  • Verifies businesses and UBOs and maps corporate structures
  • Automates onboarding, from data collection to risk scoring and periodic monitoring
  • Creates flexible risk-scoring models with custom rules

Who’s it for?

Payment service providers, banks, fintechs, forex platforms, private equity firms, crypto brokers, and asset managers.

Eleos

Eleos partners with consumer brands to embed income protection and life insurance into their online journeys.

Features

  • Bridges access and awareness gap that has kept penetration of these products down
  • Adds additional revenue stream for distributors
  • Improves customer retention rate for brands

Who’s it for?

Direct to consumer fintechs.

Finerative

Finerative is a Gen-AI native startup bringing generative technology to the financial space.

Features

  • Improves productivity and operational efficiency while driving revenues
  • Increases client satisfaction
  • Delivers innovation

Who’s it for?

Universal banks, private banks, asset management entities, wealth management institutions, and independent financial advisors.

SkenarioLabs

SkenarioLabs’ predictive data analytics solution integrates an advanced suite of risk assessment and reporting tools to guide sustainable investment and lending decisions in real estate.

Features

  • Minimal data requirements: delivers accurate insights from address-only data
  • Single-platform integration: provides value, risk, & ESG assessments for all asset classes
  • Streamlined compliance: offers flexible analytics

Who’s it for?

Banks and building societies, real estate investment and advisory firms, and insurance providers.

Tuum

Tuum’s next generation core banking software platform removes legacy constraints, transforms existing business models, builds new business models, and unlocks new revenue streams. Core Banking. Without Limits .

Features

  • Delivers a cloud native, modular, API first software – unlimited scalability and flexibility
  • Features Beyond Core – accounts, lending, cards, & payments from a single platform
  • Offers a highly configurable platform – launch new products in minutes

Who’s it for?

Retail and corporate banks, EMIs, fintechs, and financial institutions.

Zeed

Zeed offers a platform for public companies and asset managers to reach, educate, and engage retail investors using AI and video content.

Features

  • Reaches and educates investors where they already are
  • Utilizes AI-generated financial video content
  • Tracks attribution to share price liquidity and AUM

Who’s it for?

Public companies, asset managers, retail investors, and brokerage platforms.

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Brazil’s Creditas Earns $4.8 Billion Valuation After Securing $260 Million in New Funding

Brazil’s Creditas Earns $4.8 Billion Valuation After Securing $260 Million in New Funding
By David Penn Posted on
Categories: Finovate Global, Modularbank, TransferWise, Tuum, Wise

A $260 million Series F funding round has given Brazilian secured lending platform Creditas a valuation of $4.8 billion. The new capital will help the company expand its operations and provide a “one-stop solution for those seeking a digital-first experience in everything related to their houses, cars, motorcycles, and salary-based benefits.”

The round was led by Fidelity Management and Research Company and featured participation from a sizable number of investors including Actyus, Greentrail Capital, QED Investors, VEF, SoftBank Vision Fund 1, SoftBank Latin America Fund, Kaszek Ventures, Lightrock, Headline, Wellington Management, and Advent International by way of its affiliate Sunley House Capital.

The Series F brings Creditas’ total capital raised to $854 million, according to Crunchbase.

Founded in 2012 and headquartered in Sao Paulo, Brazil, Creditas announced a significant boost in revenues in the third quarter of 2021 compared to Q3 of 2020 – from $46.8 million to $14 million. Creditas founder and CEO Sergio Furio projects that the company will realize annualized revenues of $200 million for the year that just ended. Creditas also saw its credit portfolio grow from $189.3 million in Q3 2020 to $532 million in Q3 2021.

“We plan to continue growing by nurturing and expanding our ecosystem, such as providing financial solutions to our marketplace customers, launching new products, extending our geographic reach (including our recent successful entry into Mexico and the expansion of our tech hub in Valencia, Spain) and selectively pursuing strategic M&A opportunities,” Furio said in a statement.

Last fall, Creditas announced a partnership with fellow Brazilian fintech – and Finovate alum – Nubank, that will enable Nubank customers to secure loans and other services from the Creditas platform. Months earlier, Creditas acquired used car buying and selling platform Volanty. The move will help buttress Creditas’ automotive division, Creditas Auto. Also last summer, Creditas acquired multi-channel insurance brokerage company Minuto Seguros, which was also part of the company’s project to enhance its auto financing business.

FinovateEurope 2022 is right around the corner. If you are an innovative fintech company with new technology to show, then there’s no better time than now and no better forum than FinovateEurope. To learn more about how to demo your latest innovation at FinovateEurope 2022 in London, March 22-23, visit our FinovateEurope hub today!

Here is our look at fintech innovation around the world.

Central and Southern Asia

Latin America and the Caribbean

Asia-Pacfic

Sub-Saharan Africa

Central and Eastern Europe

Middle East and Northern Africa

Photo by William Brand from Pexels

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