Dubai Fintech AXON Raises $1 Million for Cross-Border Payments

Dubai-based fintech AXON has secured approximately $1 million (SR 4 million) from Saudi-based Maarej Real Estate, marking the first institutional commitment in the company's ongoing $5 million funding round.

The investment was announced during AXON's investor summit in Riyadh, where the company outlined plans to expand infrastructure connecting traditional financial systems with digital assets.

Founded in 2021 by Malek Al Zubi, AXON develops institutional-grade infrastructure for coordinating cross-border payments and settlements. The company says its platform connects banks, payment networks, stablecoins and digital asset platforms, with the aim of reducing settlement times from several days to as little as one hour.

During the summit, AXON also unveiled a unified financial orchestration layer integrating banking systems with digital infrastructure, alongside its flagship products, AXON Transfer and AXON Pay. The company also outlined plans to expand across Saudi Arabia and into additional regional and international markets.

Representatives from Saudi Arabia's Ministry of Investment, Raed Ventures, Sadu Capital, Takamol Ventures and other venture capital firms, financial institutions and fintech companies attended the event.

The company said it will continue raising the remainder of its $5 million funding round while advancing regulatory approvals and building partnerships with financial and technology institutions.