Tuum, a core banking provider, announces its strategic expansion into the Middle East market and the creation of a regional headquarters at ADGM in Abu Dhabi.
The move to expand into the Middle East “follows Tuum’s recent Series B funding round led by CommerzVentures, with follow-on investment from Citi Ventures.”
As indicated at the time, the Series B funds “were to be used to spearhead the company’s global expansion, with a particular focus on the Middle East, as well as to accelerate the development of its core banking platform, which in this case involves enhancing the solution to meet the regional-specific requirements of financial services companies operating in the Middle East.”
This Middle East expansion is further “strengthened by the establishment of a new regional office at the Abu Dhabi Global Market (ADGM), positioning Tuum at the heart of the Middle East’s financial and fintech ecosystem.”
The new office at ADGM will serve “as Tuum’s regional headquarters, from which it will oversee its operations across the Middle East.”
This development is aligned with Tuum’s strategy “to work closely with local banks, fintechs, and financial institutions, providing them with access to its state-of-the-art core banking platform.”
Tuum’s cloud-native core banking platform “is versatile, offering deployment options such as SaaS (with the first regional deployment on Google Cloud in Saudi Arabia) and bank-hosted public, private, or hybrid environments.”
This flexibility ensures regulatory compliance “in every country in the Middle East, while also leveraging the scalability and flexibility of cloud deployments.”
Myles Bertrand, CEO of Tuum said:
“Tuum is committed to transforming the banking industry with our modular, flexible, and user-centric banking platform. Our expansion into the Middle East, supported by our recent funding success, is testament to our commitment to bring this transformation to a region ripe for digital banking innovation. Opening our office at the ADGM is a strategic step that not only brings us closer to our Middle Eastern clients but also underscores our dedication to being an integral part of the region’s fintech growth story.”
To ensure the success of its regional operations, Tuum has also “begun assembling an on-the-ground team of sales and industry experts with deep knowledge of the Middle Eastern financial landscape, who can offer tailored support to customers in the region.”
In addition, Tuum is deepening its collaboration “with existing partners such as Deloitte and Publicis Sapient, which have a strong presence in the region.”
This expansion is a key milestone in Tuum’s mission to enhance banking around the globe. With its innovative platform and strong foundation in the Middle East, Tuum is set “to become a pivotal player in the region’s fintech evolution.”
