UAE-based fintech Fuze has raised $12.2 million in a Sequence A funding spherical led by Galaxy and e& capital, with participation from Additional Ventures, the corporate introduced on Wednesday. The spherical takes its complete funding to over $26 million. The Dubai-headquartered startup raised $14 million in a seed spherical in 2023.
Based in 2023 by Mo Ali Yusuf, Arpit Mehta, and Srijan Shetty, Fuze offers digital asset infrastructure enabling monetary establishments and companies throughout MENA and Turkey to supply regulated digital belongings to their purchasers. The startup has processed over $2 billion in digital asset quantity since launch.
Fuze’s options embody Digital Belongings-as-a-Service infrastructure, an Over-The-Counter (OTC) buying and selling desk, and a lately launched suite of stablecoin infrastructure merchandise. The corporate has additionally expanded into funds by FuzePay, which lately secured a Retail Cost Companies and Card Schemes license from the UAE Central Financial institution.
The recent capital will gasoline Fuze’s regional and world growth, speed up product innovation and compliance efforts, and assist hiring plans as the corporate positions itself as a number one enabler of regulated crypto and stablecoin adoption within the area.
“Strategically, Galaxy’s complete digital asset capabilities and e&’s unparalleled community will fast-track our mission to allow any financial institution, fintech or conventional enterprise to seamlessly combine digital belongings and speed up regional digital asset adoption,” stated Mo Ali Yusuf, CEO and Co-Founder at Fuze. “We’re seeing an enormous surge in demand and we imagine that within the subsequent 12 months, each monetary establishment and enterprise will leverage some sort of crypto or stablecoin functionality.”
For Galaxy, a world chief in digital belongings and information heart infrastructure, the funding represents a strategic entry into the Center East’s rising digital asset ecosystem.
“We’re thrilled to accomplice with Fuze and lead this Sequence A spherical. The Center East is poised to turn out to be a serious hub for innovation, with the UAE demonstrating a willingness to develop complete regulatory frameworks for digital belongings and Fuze quickly advancing its digital belongings infrastructure,” stated Leon Marshall, CEO of Galaxy Europe.
Fuze has been backed from inception by Additional Ventures, an ADQ-backed enterprise builder and funding agency based mostly in Abu Dhabi. Mohamed Hamdy, Managing Associate at Additional Ventures, famous that the corporate is “poised to turn out to be a dominant pressure in enabling digital asset companies around the globe.”
e& capital, the enterprise capital arm of world know-how group e&, sees potential synergies between Fuze and its present fintech portfolio. Harrison Lung, Group Chief Technique Officer at e&, highlighted “a pure synergy between Fuze and our fintech portfolio, from e& cash to Wio and Careem Pay.”
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