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In a bold move set to reshape financial connectivity across the Middle East and North Africa (MENA), Dubai-based fintech firm Fuse has raised $6.6 million in seed funding to accelerate its mission of simplifying cross-border payments in a region notorious for regulatory fragmentation and banking inefficiencies.
Founded in 2023 by George Davis (former BVNK co-founder) and James Smith (CTO), Fuse is tackling long-standing challenges in the MENA financial ecosystem by introducing virtual International Bank Account Numbers (IBANs)—a first for the region. While common in Europe, this innovation is breaking new ground in MENA by enabling seamless cross-border money transfers without the traditional barriers of complex compliance requirements, foreign exchange volatility, or licensing constraints.
“We’re currently the only provider of virtual IBANs in the Middle East—it simply didn’t exist before,” said George Davis.
Bridging the Global-to-Local Payment Divide
Fuse’s platform offers both USD-denominated virtual IBANs for global transactions and local UAE IBANs for domestic payments, empowering international businesses to operate efficiently in MENA markets. For companies in the US, Europe, or Asia, this eliminates the need for costly local setups or partnerships with smaller, unscalable providers.
This regulatory technology solution addresses critical issues in compliance management, regulatory reporting, and cross-border financial infrastructure—allowing global firms to access MENA without breaching local regulatory frameworks or facing unnecessary onboarding friction.
Accelerated Adoption and Real-World Impact
Already, Fuse is serving over 20 enterprise clients, including global players like DLocal, RemotePass, Deel, Airbnb, and Etsy. These organizations are using the platform to issue virtual IBANs for payroll, remittances, and e-commerce payments, particularly in scenarios where local residency or physical presence is not viable.
Fuse also enables smart routing, real-time transaction tracking, and regulatory compliance automation, creating a secure and streamlined experience for both businesses and end-users.
Investor Confidence Signals Market Demand
The funding round was led by Northzone, with participation from Flourish Ventures, Alter Global, and high-profile angel investors including Olugbenga “GB” Agboola (Flutterwave CEO) and George Makhoul (former Morgan Stanley MENA president).
“The Fuse team is revolutionizing payment infrastructure in one of the fastest-growing regions,” said Sanjot Malhi, partner at Northzone. “Their approach simplifies complex cross-border flows, precisely what MENA needs to scale digitally.”
Scaling Beyond the UAE
With new capital in hand, Fuse aims to:
- Expand its team of fintech and compliance experts
- Secure regional licenses to meet varied regulatory requirements
- Extend services to high-growth markets like Saudi Arabia, Egypt, and Jordan
As the region’s e-commerce and digital payment sectors accelerate, Fuse is poised to become a foundational player in MENA’s financial innovation ecosystem. The firm’s scalable infrastructure aligns with the growing demand for RegTech-driven compliance, fraud prevention, and secure cross-border finance—all vital to navigating MENA’s evolving regulatory landscape.
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