Expanding a business into the Middle East and North Africa (MENA) has always been a slow, expensive process. Outdated banking systems, tight regulations, and country-by-country licensing requirements make it hard for global companies to move fast.
Now, Dubai-based fintech startup Fuse wants to change that. Backed by $6.6 million in seed funding, Fuse has built a cross-border payments platform designed specifically for the region. And it’s doing what no one else has done before, offering virtual IBANs in MENA.
Founded in 2023 by George Davis and James Smith, Fuse is building what Davis calls “infrastructure-grade” payments tech for the Middle East. Unlike in Europe, where virtual IBANs are common, businesses in MENA have had no access to this key tool until now.
“We’re currently the only provider of virtual IBANs in the Middle East,” Davis told TechCrunch. “It’s a hyper-commoditized product in Europe, but here, it simply didn’t exist.”
With Fuse, companies can open USD virtual accounts and UAE dirham-denominated IBANs to move money across borders. No need to set up a local entity. No currency conversion nightmares. No licensing hoops.
Solving the MENA money movement puzzle
Traditionally, companies had two unappealing choices for payments in the region, small local providers that don’t scale or global payment firms that don’t have local licenses. Fuse finds the middle ground. It’s licensed and compliant in MENA and gives businesses direct access to local payout rails.
This means smoother collections, faster payments, and zero need to navigate regulatory red tape, something every international business expanding into the region will appreciate.
One of Fuse’s most powerful use cases is helping Employers of Record (EORs). Let’s say a U.S. company needs to pay employees in the UAE. Normally, it would need a local bank account, something hard to get without residency or licensing.
Fuse solves this by letting companies issue USD virtual IBANs, top them up, and then pay salaries in dirhams directly to employees’ accounts.
“Customers can create unlimited IBANs in their end customers’ names and make local payments. Those customers don’t need to be residents or have local entities; they can be anywhere in the world.” Davis explained.
Who’s already using Fuse?
Fuse already works with over 20 clients, including dLocal, RemotePass, and major platforms like Airbnb, Deel, and Etsy, all looking to scale in MENA markets. These companies use Fuse to make local payments without needing a legal footprint in each country.
Beyond the UAE, Fuse now powers payouts in Saudi Arabia, Egypt, and Jordan, and supports foreign exchange for Indian and Chinese companies moving funds through some of the busiest trade routes in the region.
Built for MENA. And built for now.
There are dozens of payment startups around the world, but few focus on MENA. And almost none offer local virtual IBANs.
Davis compares Fuse to Currencycloud, a global cross-border payments platform backed by Visa. But he’s quick to point out the difference:
“While Currencycloud is global, Fuse is built for the Middle East.”
And it’s striking at the right moment. As e-commerce and digital payment volumes skyrocket across the region, the need for regional payment infrastructure is more urgent than ever.
“Global cross-border payments tend to be winner-takes-all markets, but to win, you now need local specialists. That’s what we’re building.” said Davis.
A proven team with deep fintech roots
Before launching Fuse, Davis helped build TrueLayer, a top open banking platform in Europe. He then co-founded BVNK, a crypto infrastructure startup, where he ran into the very payment problems that Fuse now solves.
“We were supporting global businesses using stablecoins to move money out of emerging markets,”. We felt the pain of entering MENA, and so did others I was advising. That’s what sparked Fuse.”
His co-founder, James Smith, previously led engineering at both TrueLayer and BVNK. Together, they now lead a 12-person team focused on product, compliance, and payments infrastructure.
Fuse’s seed round was led by Northzone, a VC firm known for backing Spotify and Klarna. Other investors include Flourish Ventures, Alter Global, and angel investors like Flutterwave CEO Olugbenga “GB” Agboola and former Morgan Stanley MENA President George Makhoul.
“The Fuse team is transforming payment infrastructure in one of the world’s fastest-growing markets, their ability to simplify MENA’s complex cross-border flows is exactly what the region needs.” said Sanjot Malhi, partner at Northzone.
What’s next for Fuse?
With fresh capital in hand, Fuse plans to grow its team, obtain more regional licenses, and expand its product beyond the UAE. Its platform already moves hundreds of millions of dollars per quarter, and Davis says revenue is growing by over 50% month-over-month.
“We made more this quarter than all of last year,” he said.
