Tuum, a next-generation core banking provider from Estonia, announced its strategic expansion into the Middle East market and the establishment of a regional headquarters at ADGM in Abu Dhabi.
The move to expand into the Middle East follows Tuum’s Series B funding round at the beginning of the year 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.
Additionally, the funds will be used to accelerate the development of Tuum‘s core banking platform, particularly to tailor the solution to meet the regional-specific requirements of financial services companies operating in the Middle East.
“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.”
Myles Bertrand, CEO of Tuum.
This Middle East expansion is further strengthened by the establishment of a 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 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,” said Myles Bertrand, CEO of Tuum.
“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,” added Bertrand.
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.
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