Dubai-Based Fintech Fuse Raises $6.6M to Revolutionize Cross-Border Payments in MENA

Dubai-based fintech startup Fuse has secured $6.6 million in seed funding to simplify cross-border payments across the Middle East and North Africa (MENA). The fresh capital will accelerate the development of Fuse’s platform, designed to eliminate challenges in the region’s fragmented banking landscape.

Breaking Barriers in MENA’s Banking System

MENA’s complex regulations and banking networks have long made it difficult for global businesses to operate smoothly. Founded in 2023 by George Davis (former co-founder of BVNK) and James Smith (Chief Technology Officer), Fuse is stepping in to solve this issue. The startup introduces virtual International Bank Account Numbers (IBANs) to enable seamless money transfers across the region.

While this product is already widely used in Europe, Fuse is the first to introduce virtual IBANs in MENA. As Davis explained, “We’re currently the only provider of virtual IBANs in the Middle East… it simply didn’t exist.”

A Game-Changer for Global Businesses

Fuse’s platform offers businesses:

• USD-denominated virtual IBANs for international transactions
• Local UAE IBANs for regional payments

With these features, companies can now move money without complex banking setups, foreign exchange (FX) hurdles, or regulatory roadblocks. This solution is particularly valuable for businesses from the US, Europe, and Asia, which have traditionally struggled to enter the MENA market.

Until now, companies had to choose between working with smaller local firms lacking scale or relying on global players that lack local licenses. Fuse bridges this gap, offering a licensed, scalable infrastructure built specifically for the Middle East.

Early Success and Growing Demand

Fuse’s innovative solution is already gaining traction. The company serves over 20 clients, including well-known businesses such as:

• DLocal
• RemotePass
• Deel, Airbnb, and Etsy

The platform enables companies to issue virtual IBANs for employees or customers, facilitating payroll, remittances, and e-commerce transactions without requiring a local presence. For example, US-based employers can use Fuse to pay salaries to UAE-based employees while bypassing compliance and residency requirements.

With smart payment routing and real-time notifications, Fuse ensures accurate and swift transactions, providing businesses with a seamless financial infrastructure.

Backed by Leading Investors

The $6.6 million funding round was led by Northzone, with participation from:

• Flourish Ventures
• Alter Global
• Notable angel investors, including Olugbenga “GB” Agboola (CEO of Flutterwave) and George Makhoul (former president of Morgan Stanley MENA)

Sanjot Malhi, partner at Northzone, praised Fuse’s approach:
“The Fuse team is transforming payment infrastructure in one of the world’s fastest-growing markets… their ability to simplify MENA’s complex cross-border flows is exactly what the region needs.”

Expansion Plans and Future Growth

With the new funding, Fuse plans to:

• Expand its team
• Obtain additional regional licenses
• Extend its services beyond the UAE into Saudi Arabia, Egypt, and Jordan

As MENA experiences rapid growth in e-commerce and digital payments, Fuse is positioning itself as a key player in the region’s fintech landscape. While currently focused on the UAE, Fuse is on track to become a dominant force in MENA’s financial sector.

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