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Fuze raises $12.2 mn from Galaxy, e& Capital to power digital assets infra
Fuze, which provides digital assets infrastructure in finance, has raised $12.2 million to expand in India and abroad, said the company on Thursday.
The Series A funding round was led by Galaxy, a global leader in digital assets and data centre infrastructure, and e& (etisalat and), a telecommunications company based in the United Arab Emirates (UAE).
Founded in 2023 by Arpit Mehta, Srijan R Shetty and Mo Ali Yusuf, Fuze provides digital assets-as-a-service to financial institutions and businesses. Fuze has a suite of stablecoin (a cryptocurrency) infrastructure products and recently announced its expansion into payments.
The company operates in the Middle East, North Africa (MENA) and Turkey and it has processed more than $2 billion in digital assets. Fuze said it plans to expand in India, where its founders have their roots, and is engaging with regulators and policymakers to 'navigate the evolving crypto regulatory landscape in the country'.
The Series A investment will also be used for product innovation, compliance and 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,' said Mehta. '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, chief executive officer of Galaxy Europe, said Fuze is strengthening its digital assets infrastructure as MENA becomes a hub for innovation and the UAE develops regulatory frameworks for digital assets.
Fuze is backed by Further Ventures, an ADQ-backed venture builder and investment firm. Mohamed Hamdy, managing partner at Further Ventures, said: 'It's rare to see a fintech scale this quickly while maintaining a strong regulatory foundation. At Further Ventures, we back companies for the long term - and Fuze is exactly the kind of bold, unique business we believe in.'
'There's a natural synergy between Fuze and our fintech portfolio, from e& money to Wio and Careem Pay. And this investment is about backing bold companies who understand the long game, building digital assets infrastructure to supercharge the next wave of financial services innovation,' said Harrison Lung, group chief strategy officer of e&.
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