Security increases $ 6.6 million to fix a payment problem for companies extending to Mena

The expansion to the Middle East and North Africa (MENA) remains a costly and complex challenge for world businesses, thanks to fragmented regulations and banking systems. Fintech based on Dubai Fuse Its purpose is to simplify this with a cross -border API payments and has raised $ 6.6 million in seed funding to happen.

Founded in 2023 by CEO George Davis (picture above, right), former co -founder of BVNK and CTO James Smith (depicted above, left), Fuse says it is the first infrastructure payment platform, offering virtual international bank account numbers (IBANS) in the area. This is a product that Davis says is common in Europe, but it is almost absent from Mena.

“We are today the only virtual Ibans provider in the Middle East,” Davis told TechCrunch. “It’s a super-implemented product in Europe, but here it just didn’t exist.”

Fuse’s main product includes USD virtual accounts for cross-border money and Dirham-Dendored IBans for local UAE payments. This allows the start to provide first -mile collections and last mile payments for international businesses without the need to create a local entity, handle their own FX or browse.

Davis describes two inheritance options for world companies trying to transfer money to Mena: Local payment companies that do not have scale or larger cross -border players such as Thunes, who often operate without local licenses and are based on partnerships.

Security is in the middle with a fully authorized platform, the infrastructure platform, which simplifies the money movement throughout the Middle East using virtual IBAN and local rails. With these options, world businesses can operate in the area without creating local infrastructure or navigating regulatory bureaucracy.

Most Fuse customers are businesses in the US, Europe and Asia who want to operate in Mena, but do not have bank arrangement or licenses to do so quickly.

Virtual ibans to do the job

One case is the employers of the files (EOR). For example, a US-based company with UAE employees usually needs a local bank account-difficult to obtain without staying or licensing-pay salaries to Dirhams under the right business name. FUSE solves this by issuing a virtual IBAN issued by USD, allowing businesses to overcome and pay salaries locally at AED (Dirhams) directly to the so -called beneficiaries.

Customers can “create unlimited ibans in the final names of their customers and make local payments,” Davis said. “These customers do not need to be residents or have local entities. They can be anywhere in the world.”

Fuse now serves more than 20 customers, including EOR, remittance companies, encryption platforms, markets and PSPs. Customers include DLOCAL, REMOTEPASS and platforms such as Deel, Airbnb and Etsy as they extend to Mena.

The United Arab Emirates remains in the Fuse anchorage market, but the platform has begun to allow immediate payments to Saudi Arabia, Egypt and Jordan and supports the wholesale currency for Indian and Chinese businesses operating in Commerce and remittance routes of the area.

There are many newly established businesses in different areas with identical offers, but Davis sees more similarities to the view -supported Currentcloud. Both offer virtual accounts, FX, and cross -border payments, “but while CurrongCloud is global, security is built for the Middle East,” he said.

And it’s impressive at the right time. Businesses across Mena are not just inadequate. They include more than ever, they are driven by an increase in e -commerce and digital payments. This demand, Davis believes, creates a rare window for regional infrastructure players to win.

“Global cross-border payments tend to be winners-all markets,” he said. “But to win, you now need local experts. That’s what we build.”

Experience from Truelayer and BVNK

So far, it works. Security is processing hundreds of millions of dollars per quarter and increasing revenue of over 50% per month. In fact, Davis says that Fuse did more this quarter than she did last year. The company earns money by charging fees to each transaction.

Davis’s interest in resolving cross -border payments for the Middle East came from firsthand experience. At Truelayer, it helped escalate the fintech from a data concentrator on a payment platform and an open bank platform serving over 100,000 businesses. At the start of Crypto Infrastructure BVNK, which he founded and served as head of products, he saw how hard it was for world businesses expanding to the Middle East.

“We support world businesses using Stablecoins to transfer money from emerging markets,” he said. “We felt the pain of entry into Mena – and so others I consult. That was what triggered security.”

He started security in 2023 with Smith, a long -term partner who led engineering to both Truelayer and BVNK. The two now drive a group of 12 people throughout engineering, product and compliance.

Northzone, a multi -stage European VC supported by Klarna and Spotify, has led the $ 6.6 million tour, with the participation of Florish Ventures, Alter Global and notable Angels, including Flutterwave Olugbang “GB” Morgan Stanley Mena George Makhoul.

“The fuse group turns the payment infrastructure into one of the fastest growing markets in the world,” said Sanjot Malhi, a Northzone partner. “Their ability to simplify Mena’s complex cross -border flows is exactly what the area needs.”

Fuse plans to use fresh capital to develop its team, secure additional regional licenses and expand its product suite beyond the UAE.