Carta receives Financial Services Permission from ADGM’s Financial Services Regulatory Authority, unlocking new phase of growth in MENA’s Venture Capital and Private Equity Ecosystem

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.


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About Carta

Carta connects founders, investors, and limited partners through world-class software purpose-built for everyone in venture capital and private equity. Carta's world-class fund administration platform supports nearly 9,000 funds and SPVs representing over $188B in assets under administration on fund administration, SPV formation, and more. Trusted by more than 50,000 companies, Carta helps private businesses in over 160 countries manage their cap tables, valuations, taxes, equity programs, compensation, and more. Carta has been included on the Fortune Best Large Workplaces in Financial Services and Insurance list, Forbes' list of the World's Best Cloud Companies, Fast Company's Most Innovative list, and Inc.'s Fastest-Growing Private Companies list. For more information, visit carta.com.

DISCLOSURE: This communication is on behalf of eShares, Inc. dba Carta, Inc. ("Carta"). This communication is for informational purposes only, and contains general information only. Carta is not, by means of this communication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. Before making any decision or taking any action that may affect your business or interests, you should consult a qualified professional advisor. This communication is not intended as a recommendation, offer or solicitation for the purchase or sale of any security. Carta does not assume any liability for reliance on the information provided herein. ©2025 Carta. All rights reserved. Reproduction prohibited. Regulated by the Financial Services Regulatory Authority.

News Source: Carta