Fuse, the UAE-based company specialising in cross-border payment solutions, has closed a $6.6 million seed funding round led by Northzone, with participation from Flourish Ventures and Alter Global, along with prominent angel investors, including Olubenga Agboola, CEO of Flutterwave, and George Mkhoul, former CEO of Morgan Stanley for the MENA region.
Fuse provides a cross-border payment API and is the first platform in the region to offer virtual international bank account numbers (IBANs), making it easier and safer to carry out cross-border financial transactions.
The company plans to use this funding to expand its team, acquire additional regional licenses, and extend its product offerings to new countries in MENA.
Currently, Fuse serves over 20 clients across various sectors, including staffing and employee management companies, remittance firms, cryptocurrency platforms, and e-commerce marketplaces.
Among its clients are DLocal, RemotePass, as well as major platforms such as Deel, Airbnb, and Etsy.
The UAE is a key market for Fuse, which has recently begun offering direct payment services in Saudi Arabia, Egypt, and Jordan.
The company also supports currency disbursements for Indian and Chinese companies operating in the UAE that require money transfer services.
Founded in 2023, Fuse is a payment platform in the region offering virtual international bank account numbers (IBAN), a popular product in Europe but rare in the MENA region, as noted by co-founder George Davis.
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