The standard bank is now called Tuum – focusing as a technology service provider

Modularbank changes its name: Tuum (website). With the renaming, the artistic focus moves into focus. ‘Tom’ means ‘core’ in Estonian. The company is not a new bank, but an essential banking technology and provider to banks, fintech companies and corporations.

DrThe new name highlights local roots and illustrates the company’s mission: helping customers boost their business from within with Tuum banking technology. The fact that the field of activity of Estonians has developed significantly since its founding in 2019 certainly plays a role in the reorganization. While the company was founded to serve banks, the core flexible banking technology is not limited to these banks, but can help fintech companies and any other company that provides innovative financial services.

Our company “Modular Technologies” was founded in Estonia and is known from the very beginning under the brand name Modularbank. In Estonia there are restrictions on the use of the word “bank”, but this only applies to the company name and not the brand name. The standard bank brand name was intended to convey the message that companies can build a “standard bank” based on our technology. We never wanted to be a bank. […]

However, when we learned that the use of the word “bank” was more regulated in some countries – including Germany – than in Estonia, we knew it was time to rebrand. At the same time, despite our best efforts, it has happened time and time again that we have been mistaken for a bank or a banking service provider. Our new name Tuum helps us eliminate confusion about our offering and better reflects who we are as a company. We are a technology provider for a core banking platform.”

Velve Finn, CEO and co-founder of Tuum

The company currently employs more than 60 employees and has offices in Tallinn, Berlin and Malaga. In December 2020, the company completed a funding round of four million euros. Tuum wants to offer a flexible and lightweight core banking platform that is able to meet the diverse needs of a broad base of customers – from banks to non-industrial businesses such as telemedicine, retail and construction.

The new, short and concise name dispenses with the word “bank” and eliminates all misunderstandings regarding the services offered by the company: Tuum is not a bank, but a technology provider. The goal: to become a partner of banks and companies in digital transformation or the introduction of innovative products.aj

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