Tuum Announces Expansion into the Middle East and the Creation of a Regional HQ at ADGM

Tuum Announces Expansion into the Middle East and the Creation of a Regional HQ at ADGM

London, UK, 16 April 2024 – Tuum, a leading next-generation core banking provider, today 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.

"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."

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 revolutionize 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.

About Tuum

At Tuum, our mission is to allow banks to replace their legacy systems quickly and safely, to lower their maintenance spending and to open up new possibilities to adapt and prosper in the digital world; in short, to set them free.

We employ a smart migration approach to help banks to move off their current systems. Using this approach, our clients go-live on average within 7 months.

Once live, our system enables banks to easily launch new products and open up new verticals. Offering more than core, Tuum allows banks to operate multiple business lines from a single system, including accounts, lending, payments and cards, as well as go further through access to a pre-configured ecosystem of partner solutions.

Tuum also allows for business transformation. Our business builder gives banks the fine-grained settings to precisely configure their operating, sourcing and distribution models to launch unique models to capitalize on the possibilities of digitization.

Tuum. Core banking. Without limits.

Join the core banking revolution. Discover how Tuum can elevate your financial institution at www.tuum.com.