Fusepay has secured $350,000 in pre-seed funding to transform business-to-business payments across Indian Ocean islands, beginning with its home market of Seychelles. The fintech startup aims to replace outdated payment methods including physical cheques with digital alternatives.
Hustle Fund spearheaded the funding round, with additional backing from Everywhere Ventures, First Check Ventures, Startup Istanbul, and angel investor Ryan Nesbitt.
Addressing Payment Infrastructure Gaps
The Seychelles-based company was established in June 2024 by CEO Vidhyasahar Thiyagarajan and CTO Francesco Rocchi, both of whom have spent decades living in Seychelles while helping operate family retail and wholesale enterprises.
“We saw how much time and money were lost to manual payments, chasing finances, and dealing with employee fraud, as the region continues to rely heavily on cash, paper, and outdated processes“ the founders explained, drawing from their firsthand business experience in the region.
Their solution targets what they describe as underserved markets in the Indian Ocean islands, where traditional payment infrastructure has lagged behind global digital payment trends.
Product Strategy and Market Timing
Fusepay’s primary offering, FuseCheq, facilitates secure post-dated payments for retail and wholesale operations, directly substituting for physical cheques. The timing appears strategic, as the Seychelles Government has begun phasing out physical cheques, creating regulatory momentum for digital payment adoption.
“We are on a mission to build modern finance and payments for the underserved indian ocean islands, starting with Seychelles. We’re helping businesses save money, save time, and prevent fraud” ~ CEO Vidhyasahar Thiyagarajan.
The company plans to expand its service portfolio this month with an invoice payment platform designed to streamline accounts payable and receivable management for businesses.
Expansion and Regulatory Ambitions
The funding will support Fusepay’s pursuit of Payment Service Provider (PSP) licensing in Seychelles, which would formalize its regulatory standing in the market.
“This funding marks a key milestone in our journey to become a licensed Payment Service Provider (PSP) in Seychelles” ~ CEO Vidhyasahar Thiyagarajan.
The startup has grown to a ten-person team that includes engineers, designers, and finance professionals with backgrounds at established companies including Intel and Goldman Sachs. Both founders bring startup experience from their previous roles at YC-backed Alaan, a UAE-based corporate card and spend management platform that recently announced a $48 million Series A funding round.
Fusepay’s approach reflects broader trends in financial technology, where companies are targeting specific geographic markets with tailored payment solutions rather than pursuing one-size-fits-all global strategies.