Digital assets infrastructure startup Fuze raises $12.2 million to expand into Indian market

Fuze, a digital assets infrastructure startup, has raised $12.2 million in a Series A funding round led by Galaxy and e& capital, the venture capital and investment arm of global technology group e&.

The startup plans to deploy the capital to expand into key markets, including India, accelerate product development, and strengthen its leadership team. Prior to this, it raised $14 million in a seed round in 2023, led by Further Ventures and Liberty City Ventures. The latest round brings its total funding to over $26 million.

What does Fuze do?

Founded in 2023 by Arpit Mehta, Srijan R Shetty, and Mo Ali Yusuf, Fuze enables banks, fintechs, and traditional enterprises to integrate regulated digital asset products such as stablecoins, cryptocurrencies, central bank digital currencies (CBDCs), and tokenised assets. 

"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."

Market presence

Fuze, which operates across the Middle East, North Africa, and Turkey, has processed more than $2 billion in digital asset volume. The startup has also introduced a suite of stablecoin infrastructure products and recently ventured into payments, deepening its footprint in digital financial services.

India is a key focus for Fuze's international expansion. The startup is currently in conversations with regulators and policymakers as it waits for greater regulatory clarity before officially entering the market.

Investors comment

Leon Marshall, CEO of Galaxy Europe, said, "We are thrilled to partner with Fuze and lead this Series A round. The Middle East is poised to become a major hub for innovation, with the UAE demonstrating a willingness to develop comprehensive regulatory frameworks for digital assets and Fuze rapidly advancing its digital assets infrastructure."

Harrison Lung, Group Chief Strategy Officer at e&, said, "With our investment in Fuze, we're excited to align with a team that's setting the benchmark for what a future-ready, regulated digital asset ecosystem can look like. 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."