Expanding into the Middle East and North Africa (MENA) often proves frustrating for international companies due to regulatory complexity and outdated banking systems. But Dubai-based fintech startup Fuse wants to change that—and just raised $6.6 million in seed funding to make its vision a reality.
Founded in 2023 by George Davis, previously co-founder of crypto platform BVNK, and James Smith, former engineering lead at TrueLayer, Fuse is developing an infrastructure-grade payments platform to tackle the fragmented financial landscape across MENA. Their main offering? Virtual IBANs, a payment tool widely used in Europe but largely missing across this region.
Fixing a Critical Payments Gap in the Middle East
“There was no one offering virtual IBANs in the Middle East,” said Davis. “It’s a standard service in Europe but practically non-existent here.”
Fuse steps in with a powerful alternative: USD virtual accounts for global transactions and dirham-denominated IBANs for local payments within the UAE. This gives international businesses the tools to collect and disburse payments in the region—without needing to establish a physical presence or deal with complex foreign exchange setups.
Companies expanding into MENA have typically faced two poor choices: partner with small local firms that don’t scale well or use global providers like Thunes, which often lack local licenses and depend on unreliable third-party partners. Fuse offers a middle-ground solution—a fully licensed, scalable platform built for the unique needs of this region.
Serving Global Businesses Without the Usual Hassle
Most of Fuse’s clients operate from the U.S., Europe, or Asia, aiming to enter the MENA market without battling regional compliance hurdles or setting up costly infrastructure. A major use case? Employers of Record (EORs). These firms struggle to pay local salaries due to bank account restrictions. Fuse helps by issuing USD-denominated virtual IBANs, which clients can top up and use to pay employees in dirhams (AED)—without requiring residency or a local license.
“Clients can issue unlimited IBANs in their customers’ names,” Davis explained. “These customers can be anywhere globally—no need for a local entity.”
Fuse currently supports over 20 clients, including RemotePass, DLocal, and major platforms like Airbnb, Deel, and Etsy as they expand across MENA.
Expanding Footprint Across the Region
While the UAE remains Fuse’s core market, the company has started rolling out direct payouts in Saudi Arabia, Egypt, and Jordan. It also supports high-volume foreign exchange flows for Indian and Chinese businesses operating in the UAE, helping them repatriate funds via tightly controlled remittance corridors.
Fuse stands apart from global rivals like Visa-backed Currencycloud, which offers similar services worldwide. The key difference? Fuse is hyper-focused on solving payments in MENA.
“There’s a growing demand for local specialists,” Davis said. “To win in cross-border payments today, you need to be deeply embedded in each market. That’s our edge.”
Surging Growth, Backed by Industry Experts
The startup is already seeing strong traction. Fuse processes hundreds of millions of dollars per quarter, with revenues growing by over 50% month-over-month. In fact, Davis revealed that the company’s revenue in the most recent quarter surpassed all of last year.
Fuse generates income by charging transaction fees, and its team of 12 spans engineering, product, and compliance—led by co-founders Davis and Smith, who bring years of experience from scaling fintechs like TrueLayer and BVNK.
“At BVNK, we helped companies move funds out of emerging markets using stablecoins. We experienced firsthand how painful MENA expansion could be,” Davis shared. That frustration laid the groundwork for building Fuse.
Backed by Big-Name Investors and Angels
The $6.6 million funding round was led by Northzone, the European VC known for backing Klarna and Spotify. Additional support came from Flourish Ventures, Alter Global, and angel investors including Flutterwave CEO Olugbenga ‘GB’ Agboola and ex-Morgan Stanley MENA president George Makhoul.
“The Fuse team is solving a real infrastructure problem at the right time,” said Sanjot Malhi, Partner at Northzone. “The region is ready, and Fuse’s approach is exactly what’s needed to support its growing cross-border activity.”
What’s Next for Fuse?
With new capital in hand, Fuse plans to scale its team, secure more licenses, and extend its product offering beyond the UAE. As the MENA region sees a boom in e-commerce and digital finance, the startup aims to become the go-to provider for seamless, reliable cross-border payments.
“We’re building the infrastructure layer that will power the next wave of international business in MENA,” Davis added. “And we’re just getting started.”
