Stablecoin-powered neobank Fasset raises $51 million to expand across emerging markets
The Shariah-compliant digital bank is part of a growing wave of fintech startups building banking and payments services on top of blockchain and stablecoin rails.
What to know:
— Fasset raised $51 million to expand its stablecoin-powered banking platform, with backing from Japan’s SBI Group, Investcorp and Turkey’s Arz Portföy.
— The Los Angeles-based startup uses stablecoins to move money across more than 50 payment corridors in Asia, Africa and the Middle East, processing over $32 billion in annualized volume for more than 1,000 small and medium-sized businesses in 125 countries.
— Fasset said it plans to use the new funding to enter additional markets, build lending and trade finance products, and grow its proprietary «Own Network» infrastructure, as stablecoins gain traction for remittances and cross-border commerce.
Digital bank Fasset raised $51 million to expand its stablecoin-powered banking platform, the latest sign that fintech firms are increasingly building financial services on blockchain rails instead of traditional payment networks.
The Los Angeles-headquartered company said Thursday the Series B round included investors such as Japan’s SBI Group, Investcorp and Turkish asset manager Arz Portföy. The firm did not disclose the valuation the investment happened.
The startup 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 faster and at lower cost than traditional banking systems.
Fasset said it plans to use the funding to expand into new markets, develop lending and trade finance products for small businesses and grow what it calls «Own Network,» its proprietary infrastructure for stablecoin payments and custody.
The company is part of a broader wave of fintechs and neobanks rebuilding financial services on top of blockchain networks and dollar-backed stablecoins. For example, business banking startup Slash last month raised $100 million in an investment round that valued the company at $1.4 billion. The firm have been developing stablecoin-based payment products and launched a stablecoin with Stripe’s Bridge aimed at cutting settlement delays and foreign exchange costs for global businesses.
Stablecoins have become one of crypto’s fastest-growing sectors, increasingly seen as an alternative for remittances, treasury management and international commerce. Supporters argue blockchain-based payments can reduce dependence on correspondent banking networks that often make cross-border transfers slow and expensive, particularly in emerging markets.
Fasset said its platform now processes more than $32 billion in annualized transaction volume across 125 countries and serves over 1,000 small and medium-sized businesses. The company recently partnered with USDT issuer Tether to launch what it described as a gold-backed neobanking card tied to tokenized assets.
«We are building Fasset for a world where money moves as easily across borders as information does,» said Mohammad Raafi Hossain, CEO and co-founder of Fasset. «This funding round strengthens our ability to build regulated banking services and expand into new markets where our services are needed most.»