Solving a Core Infrastructure Gap in MENA: Why We Invested in Fuse

Cross-border payments into the MENA region remain costly and complex, hindered by a host of challenges, including fragmented regulatory environments, long setup timelines, and limited interoperability across local banking systems. For instance, global businesses expanding into the region can expect to spend six months or more just registering their company. More time is needed to open local bank accounts and satisfy other compliance requirements. This is a serious challenge for global marketplaces like Airbnb or Etsy, which want to pay hosts in the UAE, and payroll providers like Deel, who wish to disburse salaries in the region. 

Fuse addresses this core infrastructure gap by building a seamless, API-first platform that enables businesses to collect and payout funds across the UAE, Saudi Arabia, Egypt, and Jordan — without needing a local presence. Its virtual IBAN technology and local bank integrations allow companies to make compliant Account-to-Account payments in local currencies, solving a critical bottleneck for global payments in MENA.

What Sets Fuse Apart

As a global fintech-focused fund, we have spent significant time in research and diligence in the segment. In our assessment, Fuse differentiates itself from the crowd in three keys ways: 

• A payments-first company, not just a brokerage: Unlike many other cross-border players in emerging markets, Fuse is  a payment-first company. Its focus is building an automated API-first payment infra and not on FX brokerage. We believe this gives it a sustainable defensive moat even as the FX market commoditises. 
• Full regulatory clarity: Fuse holds a UAE money services license and a DFSA license, enabling it to issue virtual IBANs and facilitate multi-currency payments across MENA. It is already operational in Egypt through its UAE licensing and is acquiring a license in Saudi Arabia. This sets it apart from other startups which often operate in a grey zone. 
• First mover advantage in GCC: Fuse has a clear first mover advantage in facilitating payouts and collections in the region and, for the reasons highlighted above, we believe this advantage is sustainable.

Unlocking Demand with the Right Tech and the Right Team

Processing hundreds of millions of dollars per quarter and growing revenue more than 50% month-over-month, Fuse is uniquely positioned to become the go-to infrastructure layer for cross-border business payments into MENA. As international companies increasingly expand into the region, Fuse can unlock massive demand with its regulatory compliance, banking integrations, and first-mover advantage. It is not a surprise that companies like Airbnb, Deel, Etsy, dLocal, and others are already using Fuse. 

Fuse was co-founded by George Davis and James Smith, repeat fintech operators with deep experience building financial infrastructure in emerging markets. Prior to Fuse, George helped scale TrueLayer into a leading open banking platform and later co-founded BVNK, where he encountered firsthand the complexity of moving money across MENA. Co-founder James brings a strong technical foundation, having led engineering at TrueLayer and BVNK. Together, they combine product intuition, regulatory savvy, and deep regional context—qualities we look for in teams tackling foundational challenges in fintech.

We  firmly believe in the team’s ability to build the foundational rails for cross-border payments in MENA — and eventually, to extend this model to other underserved but high-potential regions. It’s a privilege to be part of the journey.