Fasset Raises $51 Million in Series B Funding

Fasset raised $51 million in a Series B funding round backed by Japan’s SBI Group, Investcorp and Turkish asset manager Arz Portföy, the Los Angeles-headquartered company announced Thursday. The Shariah-compliant digital bank did not disclose the valuation at which the Series B investment occurred.

Fasset operates a banking and payments platform spanning more than 50 corridors across Asia, Africa and the Middle East, using stablecoins to move money across borders.

The startup processes more than $32 billion in annualized transaction volume. It serves over 1,000 small and medium-sized businesses in 125 countries. Fasset said it plans to use the new funding to expand into new markets.

The company will also develop lending and trade finance products for small businesses and grow its proprietary Own Network infrastructure for stablecoin payments and custody. The firm recently partnered with USDT issuer Tether to launch a gold-backed neobanking card tied to tokenized assets.

Fasset is part of a growing wave of fintech startups building banking and payments services on top of blockchain and stablecoin rails.

Mohammad Raafi Hossain, CEO and co-founder of Fasset, said the round would bolster the company’s expansion plans. "We are building Fasset for a world where money moves as easily across borders as information does," Hossain stated. , according to CoinDesk.

Fasset is a Shariah-compliant digital bank that uses stablecoins to move money across borders faster and at lower cost than traditional banking systems. The latest round comes as stablecoins gain traction for remittances and cross-border commerce in emerging markets.

The company’s Own Network forms the backbone of its stablecoin payments and custody services, which the new capital is intended to scale.