Tuum, an Estonian-based core banking provider has announced it is expanding into the Middle East with the establishment of a new regional headquarters at Abu Dhabi Global Market (ADGM).
The move 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 are being used to spearhead the company’s global expansion, with a particular focus on this region.
The funds are also being used 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.
Tuum’s cloud-native core banking platform offers 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.
“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,” he added.
To ensure the success of its regional operations, Tuum added that is has begun assembling an on-the-ground team of sales and industry experts with deep knowledge of the Middle Eastern financial landscape. Additionally, the company said it is deepening its collaboration with existing partners such as Deloitte and Publicis Sapient, which have a strong presence in the region.
