Fasset Secures $51M Series B, Aims to Revolutionize Cross-Border Banking with Stablecoins

Mohammed Fathy

Last updated 19-05-2026

4 min

Fasset closed a $51m Series B, the year’s largest payments-focused round.

Backed by SBI, Investcorp and others, it builds on “stablecoin rails”.

The full‑stack model owns licences, liquidity and “Own Network” infrastructure.

It processes $32bn annually, serving two million wallets across 125 countries.

Expansion targets Asia, Africa and the Americas, despite evolving stablecoin regulation.

Fasset, the Los Angeles-headquartered banking and investment platform, has closed a $51 million Series B round, marking what industry data shows as the largest payments-focused Series B globally this year and placing it among the top ten fintech deals of 2026.

The round drew heavyweight backers including Japan’s SBI Group, Istanbul-based Arz Portföy, Bahrain’s Investcorp, and a number of strategic family offices. The timing is notable. Central banks from Asia to Europe are accelerating experiments in tokenisation and blockchain to modernise cross-border payments. Against that backdrop, Fasset is positioning itself as a regulation-first player building on stablecoin rails rather than skirting around them.

At its core, the company operates what it calls a full-stack model, meaning it owns regulatory licences, liquidity pipelines, and its own technical infrastructure. In plain English, it doesn’t just offer an app; it is trying to build the plumbing behind it. That includes “Own Network”, its proprietary framework designed to handle stablecoin payments and custody across the Asia–Africa corridor.

The fresh capital will be used to step up expansion across Asia, Africa and the Americas, building on existing teams in the UAE, Bahrain, Indonesia, Malaysia, Pakistan, Türkiye and the United States. The US office has recently been enlarged to attract senior talent, and overall headcount across retail, business and private banking is set to triple. New verticals are also on the roadmap, including SME banking, lending products and trade finance.

Fasset says it now processes more than $32 billion in annualised transaction volume, serving over two million wallets in 125 countries, as well as more than 1,000 SME clients worldwide. That scale puts it among the bigger names in stablecoin neobanking by transaction value. Its partnership with Tether to launch what is described as the first gold-backed neobanking card also turned heads, not least because gold-linked financial products tend to resonate strongly in parts of MENA and South Asia.

I’ve seen first-hand how founders across the region struggle with cross-border payments, a bit of a faff with traditional correspondent banks, slow settlement times, high fees. So when a player claims it can reduce friction by combining regulated banking frameworks with stablecoin settlement, it definately catches attention. That said, execution is everything. Scaling compliance across multiple jurisdictions is no small feat.

Fasset holds regulatory approvals in the UAE, Indonesia, the EU, Türkiye, Pakistan and Malaysia. This has allowed it to evolve from what began as a financial “super app” into a full-service, stablecoin-powered Islamic banking platform. The emphasis on interest-free, asset-backed finance is central to its proposition, particularly in Muslim-majority markets where Shariah-compliant structures matter.

Mohammad Raafi Hossain, the company’s co-founder and CEO, has said the goal is to make money move across borders as seamlessly as information does online. He noted that the new funding strengthens Fasset’s ability to expand regulated banking services into markets where access remains limited or expensive, supporting everyone from individual consumers to SMEs engaged in global trade.

The investor list adds weight. SBI Group has operated across financial services, asset management and crypto for more than two decades. Arz Portföy is known in Türkiye for backing high-growth ventures. Investcorp manages around $60 billion in assets and has long acted as a bridge between Gulf capital and global markets. Their participation signals confidence in a model that blends compliance with digital asset infrastructure, not always an easy balance to strike.

On the flip side, stablecoin regulation is still evolving, particularly in Europe and the US. I’m not a fan of hype cycles in fintech; they come and go quicker than we expect. But if Fasset manages to stay on the right side of regulators while expanding its licensing footprint, it could be spot on in betting that the future of cross-border finance will sit somewhere between traditional banks and blockchain rails.

For startups across MENA watching closely, this round feels like more than just another funding announcement. It is a reminder that infrastructure, the unglamorous bits behind the scenes, can be just as powerful as shiny consumer apps. And believe it or not, building the rails properly may be what separates the serious contenders from the rest.

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