Fuze, a digital asset infrastructure startup, has secured $12.2 million in Series A funding. The round was led by Galaxy, a global leader in digital assets and data center infrastructure, and e& (etisalat and), a UAE-based telecommunications company and one of the world's largest mobile network operators.
Founded in 2023 by serial entrepreneurs Mo Ali Yusuf, Srijan R. Shetty, and Arpit Mehta, Fuze offers a Digital Assets-as-a-Service infrastructure that enables businesses and financial institutions to provide their clients with regulated digital assets. It has released a full suite of stablecoin infrastructure products and recently announced its expansion into payments.
The firm has already processed more than $2 billion in digital assets and is presently active in Turkey and the MENA region. Fuze is now seeking to enter the Indian market because of the founders' Indian ancestry and their established network in the area. It is actively navigating the nation's changing cryptocurrency regulatory environment in collaboration with legislators and regulators.
Fuze will be able to enter both new and existing international markets with the support of the Series A investment. The funds will also be used to accelerate product innovation and compliance, as well as to support high-level hiring.
"We will fast-track our mission to enable any bank, fintech or traditional business to seamlessly integrate digital assets and accelerate regional digital asset adoption," according to Arpit Mehta, founder of Fuze. "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."
Leon Marshall, CEO of Galaxy Europe, stated that the region is poised to become a major innovation hub, with the UAE demonstrating a willingness to develop comprehensive regulatory frameworks for digital assets and Fuze rapidly expanding its infrastructure.
Fuze has been supported since its inception by Further Ventures, an ADQ-backed venture builder and investment firm. Speaking on behalf of Further Ventures, Mohamed Hamdy, managing partner, stated, "It's uncommon to see a fintech scale this quickly while maintaining a strong regulatory foundation. Further Ventures invests in companies for the long term, and Fuze is exactly the type of bold, one-of-a-kind business we believe in."
Harrison Lung, group chief strategy officer at e&, stated, "There is a natural synergy between Fuze and our fintech portfolio, which includes e& money, Wio, and Careem Pay. This investment is about supporting bold companies that understand the long game and are developing digital asset infrastructure to power the next wave of financial services innovation."
