SweepBank launches in Europe to provide “Netflix experience” in banking

A new digital banking service, SweepBank, has launched to bring the “Netflix experience” to the European banking industry, backed by Malta-based Ferratum Bank.

SweepBank is underpinned by Tuum’s core banking platform

The service is underpinned by Tuum’s core banking platform. The vendor says it was selected “for the broad functional coverage of its platform as well as its modern, flexible approach to core banking, which aligned with SweepBank’s own vision of how banks should serve their customers in the modern era”.

The bank offers online and mobile app banking services, a savings account, and a free virtual Mastercard Debit card.

It’s now operational in Finland and Latvia.

Rivo Uibo, co-founder of Tuum, says SweepBank is “already making waves in the market”.

He says: “With its innovative approach towards personalised banking, SweepBank is able to deliver what customers have been demanding for years: relevant services, and tailored financial advice and support.”

Tuum was founded in 2019 and is based in Estonia. In late 2020, it secured €4million in a seed funding round, led by Karma Ventures and BlackFin Capital Partners, with additional support from Plug and Play Ventures, Siena Capital and angel investor Ott Kaukver (ex-CTO of Twilio and Skype). The vendor said the money would be used for the UK, European and wider global expansion.