Founded in 2023 by Arpit Mehta, Srijan R Shetty, and Mo Ali Yusuf, Fuze offers a Digital-Assets-as-a-Service platform that enables banks, fintechs, and traditional enterprises to integrate regulated digital asset products—such as stablecoins, cryptocurrencies, central bank digital currencies (CBDCs), and tokenized assets—into their services.
“We are seeing a huge surge in demand and we believe that in the near future, every financial institution and business will leverage some type of crypto or stablecoin capability,” Mehta said in a statement on Thursday.
The company operates in the Middle East and North Africa region and Turkey and has processed more than $2 billion in digital asset volume so far. In addition to its core offerings, Fuze has launched a full suite of stablecoin infrastructure products and recently announced its expansion into payments.
The startup had previously raised $14 million in 2023 in a round led by Further Ventures, with participation from US-based Liberty City Ventures. “We are thrilled to partner with Fuze and lead this Series A round. The region 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,” said Leon Marshall, CEO of Galaxy Europe.The funding comes at a time when both industry participants and users in India are seeking clarity on the government’s approach to regulating virtual digital assets (VDAs). The industry had previously raised concerns over the country’s stance on such assets.
