Dubai-based Fintech Fuse Raises $6.6 Million to Simplify Cross-Border Payments in MENA

Fuse, a Dubai-based fintech, has secured $6.6 million in seed funding to expand its cross-border payments API into the Middle East and North Africa (MENA) region. Founded by George Davis, former co-founder of BVNK, and CTO James Smith in 2023, Fuse offers virtual International Bank Account Numbers (IBANs) in the MENA region, a product that is currently scarce in the area.

The fintech's core product includes USD virtual accounts for cross-border money movement and dirham-denominated IBANs for local UAE payments. This enables the startup to provide first-mile collections and last-mile payouts for international businesses without the need for them to establish a local entity, manage FX, or navigate licensing.

With plans to grow its team, obtain additional regional licenses, and expand its product suite, Fuse has garnered support from investors like Northzone, Flourish Ventures, and notable angels including Flutterwave CEO Olugbenga "GB" Agboola and former Morgan Stanley MENA president George Makhoul.

Source: Tech Crunch