Modularbank reveals new name

There have been a few fintechs to revamp their image over the past year, most notably Wise shortened its name from its original TransferWise, and now Modularbank has done the same.

From now on, Modularbank will be known as Tuum, which means ‘core’ in Estonian.

The move comes as the fintech looks to better reflect its company values and product offering, with the new name paying homage to its Estonian roots and its main export, core banking.

Tuum said it wanted to shift away from its ‘bank’ suffix to highlight that it no longer just serves banks, rather it can help fintechs and other financial services to supercharge their core banking technology.

The shorter name also leaves no room for misinterpretation—Tuum is not a bank, rather it is a technology provider for banks and fintechs alike.

“Having experienced rapid growth over the last two and a half years and evolved quickly to respond to the needs not only of banks but also non-banks venturing into the financial services arena, it was time to renew and refresh our corporate identity to align with our company strategy,”  Vilve Vene, CEO and co-founder at Tuum said. 

“The rebrand marks an exciting and an important step on our journey to expanding our reach and  consolidating our role as a trusted partner that customers can rely on to help them transform and introduce new services and developing leading-edge solutions that move banking into the future.”

In just two years of operation, Tuum has opened offices in Tallinn, Berlin and Malaga, employing 60 staff across the three offices.

The company also closed a €4m seed funding round in December 2020 and has set its sights on further international expansion under its new, shiny identity.

Earlier this year, Tuum also added anti-money laundering (AML) capabilities to its roster of services.