Following this announcement, Fuse is expected to offer businesses a simple, reliable, and unified API, as well as the possibility to unlock payments across all key markets in the region of MENA region, including the UAE, Saudi Arabia, and the wider region.
As companies that aimed to expand into MENA have faced multiple difficulties, such as high costs and significant complexity, they also had to keep in mind that each country has its own regulatory requirements and banking systems. Through this investment, Fuse is set to bridge this gap while focusing on meeting the needs of customers and clients in an ever-evolving market as well.
Fuse represents a payments infrastructure provider in the Middle East, developed in order to enable global businesses to scale quickly and efficiently across multiple MENA markets. Through the use of its Virtual IBAN technology, Fuse aims to simplify cross-border payments, providing companies with the possibility to move money across the region safely and in real-time.
According to the official press release, Fuse offers last-mile payouts and first-mile collection solutions powered by the region’s Virtual IBAN technology, as well as secure and improved in-house compliance systems and proprietary tooling. This process aims to enable firms to make real-time cross-border and local payments without the need to set up local accounts. The funding round was led by Northzone, with participation from Flourish Ventures, Alter Global, and other prominent angel investors, including the founder of Flutterwave.
While Fuse’s focus was set mainly on the US-Middle East corridor, the firm will further prioritise expanding into Europe and Asia, in order to enable faster, secure, and more efficient payments between these regions and the Gulf countries.
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