Abu Dhabi’s Fuze has announced a record-breaking seed round.
The digital assets infrastructure provider unveiled a $14m seed investment, the largest ever for a digital assets startup.
A first-of-its-kind infrastructure provider in MENA, Fuze enables any bank, fintech or traditional enterprise to easily offer regulated digital assets products to their customers through their native apps.
Abu Dhabi-based Fuze sets seed-funding record
The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures.
The business will benefit from the strategic capital and network of these investors, acting as a catalyst for the business as it builds the digital asset infrastructure that will drive the future of finance.
Fuze was founded by a team of fintech, traditional finance and decentralised finance leaders.
The business was founded by CEO, Mohammed Ali Yusuf, who has held prominent roles at Checkout.com and Visa; Arpit Mehta (COO) a former leadership team member at Simpl and Clear; Srijan Shetty (CTO), formerly of Microsoft.
With a regional digital asset market worth $566bn, and growing at 48 per cent year-on-year, Fuze co-founder and CEO, Mohammed Ali Yusuf believes the Middle East is the perfect home to establish a digital assets infrastructure business.
He said: “We are excited to build the future of regulated financial infrastructure and digital assets out of the UAE.
“Regulations have played a pivotal role in propelling the UAE into a central position within the global Digital Assets industry.
“To receive the backing of Abu Dhabi-headquartered Further Ventures combined with the deep expertise of US-based Liberty City Ventures, confirms the relevancy and potential of Fuze’s mission to rapidly expand our cutting-edge infrastructure across the region.”
Further Ventures said: “This is an important strategic investment into digital assets, one of our core verticals.
“The team at Fuze is highly experienced and has a clear vision to develop a trusted, world-class digital assets proposition.
“Technology that enables a range of stakeholders is vital for the future of the financial ecosystem and Fuze is well placed to be a leader in digital assets across the MENA region and beyond.”
The funding will propel Fuze’s growth as it obtains regulatory licensing, adds strategic hires in key roles, continues to expand its technological capabilities, and accelerates its geographic expansion across the region.
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