- Fuse has secured $6.6 million in seed funding led by Northzone to expand its cross-border payment solutions throughout the MENA region.
- The UAE-based company is pioneering virtual international bank account numbers (IBANs) in the region, serving clients like DLocal, RemotePass, Deel, Airbnb, and Etsy.
- Funds will be used to grow the team, acquire additional regional licenses, and extend product offerings to new countries in the Middle East and North Africa.
Fuse, a UAE-based fintech company specializing in cross-border payment solutions, has successfully raised $6.6 million in seed funding. The investment round was led by Northzone, with significant participation from Flourish Ventures and Alter Global.
The funding round also attracted prominent angel investors from the financial sector. Notable names include Olubenga Agboola, CEO of Flutterwave, and George Mkhoul, former CEO of Morgan Stanley for the MENA region.
Founded in 2023, Fuse has quickly established itself as a pioneer in the regional fintech landscape. The company provides a comprehensive cross-border payment API that simplifies international transactions.
What sets Fuse apart is its status as the first platform in the MENA region to offer virtual international bank account numbers (IBANs). This innovation makes cross-border financial transfers both easier and more secure for users.
“Virtual IBANs are a popular product in Europe but rare in the MENA region,” noted George Davis, co-founder of Fuse. This unique offering has positioned the company at the forefront of financial innovation in the area.
The UAE serves as Fuse’s primary market, but the company has recently expanded its reach. It now offers direct payment services in Saudi Arabia, Egypt, and Jordan, targeting key growth markets in the region.
Fuse has also developed specialized services for international businesses. The company supports currency disbursements for Indian and Chinese companies operating in the UAE that need reliable money transfer services.
The client portfolio of Fuse already includes over 20 companies across various sectors. These range from staffing and employee management firms to remittance companies, cryptocurrency platforms, and e-commerce marketplaces.
Among its impressive roster of clients are several industry leaders. DLocal and RemotePass utilize Fuse’s services, alongside major global platforms including Deel, Airbnb, and Etsy.
Sangot Malhi, partner at lead investor Northzone, expressed strong confidence in Fuse’s potential. “Fuse operates in one of the fastest-growing markets in the world, and their ability to streamline cross-border transactions in the MENA region is crucial for the area,” Malhi stated.
The newly secured funding will fuel Fuse’s ambitious growth plans. The company intends to expand its team, acquire additional regional licenses, and extend its product offerings to new countries throughout the MENA region.
This investment comes at a time when digital payment solutions are experiencing rapid growth globally. In the MENA region specifically, cross-border payment infrastructure remains an area with significant potential for innovation and improvement.
With its unique offering and strong investor backing, Fuse appears well-positioned to capitalize on the growing demand for seamless international payment solutions in this dynamic market.
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