Abu Dhabi-based blockchain infrastructure startup Fuze raised USD 12.2 mn in a Series A round led by Galaxy and e& Capital, with participation from Further Ventures, the company said in a press release (pdf). The funding will support Fuze’s regional and international expansion, accelerate product innovation, and boost hiring. Fuze had previously raised USD 14 mn in a seed round led by Further Ventures.

Already locked and licensed: In 2023 Fuze secured a virtual assets service provider (VASP) license, and last week, it received CBUAE approval for a retail payment services and card schemes license, allowing it to launch payment products for businesses like fraud detection and virtual IBANs.

Local partnerships: Fuze recently partnered with digital Islamic community bank ruya on a shariah-compliant virtual asset investment services, as well as with digital assets fund manager Klumi on implementing digital asset infrastructure for financial services providers.

About Fuze: Founded in 2023 by Mo Ali Yusuf (LinkedIn), Arpit Mehta (LinkedIn), and Srijan Shetty (LinkedIn), Fuze offers Digital Assets-as-a-Service (DAaaS) infrastructure, enabling financial entities to offer regulated digital asset products. It also operates an OTC trading desk for large-scale crypto transactions, recently expanded into payments through FuzePay, and processed over USD 2 bn in digital asset volumes over the past year.

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