Januar, the compliant gateway to the new digital economy for crypto businesses and institutional investors, has chosen Tuum as the core banking platform to power its pan-Europe goals. Tuum’s banking core will be used to build account and payment solutions for crypto companies, in order for them to receive and send payments like any other business.
In 2021, Januar received a historic Payment Service Provider license from the Danish Financial Supervisory Authority for the purpose of conducting crypto-related fiat payments. The company is now set to launch its first accounts in Denmark before soon expanding into the wider European market. This news also comes off the back of Januar’s recent historic funding round which saw the company raise €6m, the largest ever seed round in Danish history.
Tuum was selected for the quality and flexibility of its banking platform, which enabled Januar to develop the solutions it needed while still allowing the company to retain full control over the customer journey and build out its own channels. Januar is using Tuum’s connector with Banking Circle, giving it the ability to make and receive payments in multiple currencies including EUR & DKK. AML capabilities are also handled through Tuum’s integration partner, HAWK:AI.
Januar is amongst the first payment institutions to offer fiat-to-crypto rails as a service to crypto businesses and institutional investors.
Commenting on the news, Ove Kreison, co-founder and CTO at Tuum, states: “This is a very exciting time for us at Tuum, as we are involved in building a truly world-leading solution. Januar noticed a large gap in the market for crypto businesses that was not being filled by traditional institutions and, using Tuum’s powerful core banking capabilities, is now bridging the gap between the traditional financial system and the new digital economy. When we say that Tuum is building the banks of the future; this is exactly what we mean.”
Jens Warnez, Head of Product at Januar, added: “To capitalise on first-mover advantage, we needed a platform and partner that would enable us to move at pace. Tuum has proven to be incredibly receptive to our objectives, and they have maintained open and transparent lines of communication which means that our queries have always been quickly addressed. This degree of approachability was a key differentiator in our decision to select Tuum as our core banking platform provider.”