• UAE-based fintech Fuze has raised $12.2 million in a Series A funding round led by Galaxy and e& capital, with participation from Further Ventures.
• Founded in 2023 by Mo Ali Yusuf, Arpit Mehta, and Srijan Shetty, Fuze offers Digital Assets as a Service, OTC trading, and stablecoin infrastructure, having processed over $2 billion in digital assets volume to date.
• The funding will accelerate Fuze’s regional and global expansion, product development, and hiring, positioning the company as a leading enabler of regulated crypto and stablecoin adoption for banks, fintechs, and enterprises in the region.

Press release:

Fuze, the Middle East and Turkey’s fastest-growing digital assets infrastructure firm, today announced the successful completion of a $12.2 million Series A funding round led by Galaxy (TSX: GLXY), a global leader in digital assets and data centre infrastructure, and e& capital, the venture capital and investment arm of global technology group e& (ADX: EAND).

Fuze provides Digital Assets-as-a-Service infrastructure enabling financial institutions and businesses across MENA and Turkey to offer regulated digital assets to their clients, as well as an Over-The-Counter (OTC) trading desk. In addition, Fuze has now launched a full suite of stablecoin infrastructure products and recently announced its expansion, through FuzePay, into payments.

The Series A investment will fuel Fuze’s regional and international expansion, accelerate product innovation and compliance, and support top-tier hiring.

Mo Ali Yusuf, CEO and Co-Founder at Fuze, stated, “Strategically, Galaxy’s comprehensive digital asset capabilities and e&’s unparalleled network will fast-track our mission to enable any bank, fintech or traditional business to seamlessly integrate digital assets and accelerate regional digital asset adoption. We are seeing a huge surge in demand and we believe that in the next 12 months, every financial institution and business will leverage some type of crypto or stablecoin capability.”

Leon Marshall, CEO of Galaxy Europe, added, “We are thrilled to partner with Fuze and lead this Series A round. The Middle East is poised to become a major hub for innovation, with the UAE demonstrating a willingness to develop comprehensive regulatory frameworks for digital assets and Fuze rapidly advancing its digital assets infrastructure.”

Fuze has been championed from the beginning by Further Ventures, an ADQ-backed venture builder and investment firm.

Mohamed Hamdy, Managing Partner at Further Ventures, said, “This fundraising round marks an important milestone for Fuze, a company that Further Ventures has backed since inception. We’re proud to welcome leading global investors – including Galaxy, e& Capital, and others – to join us on this journey. We believe Fuze is poised to become a dominant force in enabling digital asset businesses around the world.”

Harrison Lung, Group Chief Strategy Officer at e&, said, “With our investment in Fuze, we’re excited to align with a team that’s setting the benchmark for what a future-ready, regulated digital asset ecosystem can look like. There’s a natural synergy between Fuze and our fintech portfolio, from e& money to Wio and Careem Pay. And this investment is about backing bold companies who understand the long game, building digital assets infrastructure to supercharge the next wave of financial services innovation.”

Since launching in 2023, Fuze has worked closely with global regulators to ensure compliant digital asset services and partnered with leading financial institutions. In the last year, the business has processed over $2 billion in total digital asset volume through their Digital Assets as a Service platform, stablecoin infrastructure, and OTC.