Dubai-based fintech startup Fuse has secured $6.6 million in seed funding to help businesses expanding into the Middle East and North Africa (MENA) region with payment issues. The startup works with over 20 clients, including Deel and Airbnb, and serves businesses in the US, Europe, and Asia.
As revenues are expected to increase from an estimated $1.5 billion in 2022 to $3.5 billion to $4.5 billion by 2025, the MENA fintech market is witnessing tremendous growth. Increased investment and a favorable regulatory environment are the key drivers of this boom.
Fintech companies based in Dubai amassed a combined $615 million in funding in 2022, mirroring the emirate’s role as a Middle East, North Africa, and South Asia region hub for financial technology innovation. This has been made possible by the Dubai International Financial Centre (DIFC), which offers a regulatory environment that is conducive and promotes interaction between new and established players.
The major factors fueling this boom are increased investment and a benign regulatory environment.
In 2022, Dubai-based fintech companies raised a combined record of $615 million worth of funding, proving that the emirate stands as a financial technology innovation center for the Middle East, North Africa, and South Asia region. This is done through the Dubai International Financial Centre (DIFC), a business destination that is regulatory-friendly, opening up channels for interaction between newcomers and existing firms.
