New Delhi, April 4 -- Dealmaking activity in the Middle East and North Africa region slowed down this week on account of Eid, but some significant fundraising rounds were still secured by startups, including Dubai-based digital banking platform YAP.
YAP raised double-digit growth-stage capital, while another Dubai-based fintech startup, Fuse, secured seed funding. Meanwhile, Egyptian semiconductor startup InfiniLink raised a high-value, double-digit seed round to fuel its business expansion.
YAP YAP, a Dubai-based digital banking platform, raised $41 million in funding, led by Saudi Arabia's AlJazira Capital, to back its expansion across the Middle East and Africa region. The round also saw participation from Abu Dawood Group, Astra Group, and Audacia Capital. Founded in 2021 by Marwan Hachem, YAP offers a digital banking platform that provides tools for budgeting, spending analytics, card controls, and real-time transaction notifications. It plans to expand into new markets, including Saudi Arabia, Pakistan, Ghana, and Egypt. YAP expects to close its Series A funding round by the end of 2025.
Fuse Dubai-based fintech startup Fuse secured $6.6 million in seed funding, led by European venture capital firm Northzone, to scale its operations. The round also saw participation from Flourish Ventures, Alter Global, and prominent angel investors, including the founder of Flutterwave. Founded in 2023 by George Davis and James Smith, Fuse serves as a foundational infrastructure for cross-border payments in the MENA and GCC regions. It is the first infrastructure-grade payments platform offering virtual International Bank Account Numbers (IBANs) in the region, enabling global businesses to operate in the region without setting up local infrastructure. Its clients include global brands such as Deel, Airbnb, and Etsy, which are expanding into the MENA market.
InfiniLink Egyptian semiconductor startup InfiniLink raised $10 million in seed funding to accelerate the development of its products and support global expansion. The round was led by semiconductor solutions company MediaTek and Saudi Arabia-based venture capital firm Sukna Ventures, with participation from Egypt Ventures and M Empire Angels. Founded in 2022, InfiniLink specializes in creating advanced optical data connectivity chips that support AI-powered data centres by reducing power consumption and enabling high-speed data transfer. The startup has developed a new Silicon Photonics technology, including integrated optical transceiver chiplets (iOTC).
Published by HT Digital Content Services with permission from VC Circle.