RIYADH, SAUDI ARABIA –
Media OutReach Newswire – 23 May 2025 –
Carta, the software platform purpose-built for private capital, today announced its Financial Services Permission (FSP) from ADGM’s Financial Services Authority (FSRA), unlocking a new phase of growth in Middle East and North Africa (MENA). This milestone significantly advances Carta’s global mission to make private markets more accessible, transparent, and equitable. As the world’s largest fund administrator for venture capital, Carta will support the private market ecosystem in the MENA region with its end-to-end software platform for fund operations, in addition to its cap table and equity management solutions for startups.
Carta and ADGM representatives at Abu Dhabi Finance Week 2024
Abu Dhabi, renowned as the “capital of capital,” has shown exceptional growth in the financial services sector. Carta’s expansion comes as the UAE establishes itself as a key player in the Middle East, constituting 40% of all funding rounds in the region—a 9% year-on-year increase—according to
industry reports. In 2024, assets under management (AUM) within ADGM grew by 245%, with 134 fund and asset managers operating 166 funds by the end of 2024.
Carta has strategically chosen ADGM as the location for its new Middle Eastern office, strengthening the company’s commitment to aligning with regions that demonstrate significant market potential and robust economic policies. Located at Hub71 WeWork, in the heart of the financial district, Carta’s new office serves as a strategic base for expanding sales and marketing efforts in the MENA region, a region the company sees as highly promising.
“The Middle East is the perfect place for Carta expansion,” said Bhavik Vashi, Managing Director of Carta APAC & MENA. “The regulatory framework in ADGM is one of the most progressive we’ve seen globally–exactly the type of environment needed to fuel the private markets, which is why we have made a big bet here.”
Over the past two years, Carta has been laying the groundwork for its expansion by engaging in conversations with key government-linked institutions, such as ADGM, the Financial Services Regulatory Authority (FSRA), the Abu Dhabi Investment Office (ADIO), and the Abu Dhabi Department of Economic Development (ADDED). These discussions have surfaced ongoing private equity needs that Carta is equipped to solve, offering MENA funds a comprehensive suite of software and services, including quarterly reporting, compliance services, and end-of-year tax and audit readiness.
Arvind Ramamurthy, Chief of Market Development Officer at ADGM said; “We congratulate Carta on receiving their FSP from ADGM. We are thrilled to welcome them to ADGM’s dynamic ecosystem, where innovation, growth, and opportunity thrive. Your presence enriches Abu Dhabi’s financial landscape, and we look forward to supporting your success in this vibrant and forward-thinking community.”
Carta currently supports a number of prominent regional customers, including Global Ventures, BECO Capital, Cotu Ventures, Outliers VC, Dubai Future District Fund, and Middle East-based unicorns Foodics and Kitopi. With ADGM license approval, Carta will continue to collaborate with the local VC & PE ecosystem to further enhance the company’s service offerings and deliver greater value for the Middle East’s growing private markets.
Hashtag: #Carta
The issuer is solely responsible for the content of this announcement.
