Fasset is accelerating its expansion across emerging markets following a new funding round aimed at scaling its blockchain-based banking and payments infrastructure. The company is positioning itself at the intersection of digital banking, stablecoin-powered finance, and Sharia-compliant investment services.
Fasset has raised $51 million in a Series B funding round to accelerate the global expansion of its Sharia-compliant banking and investment platform. The round included backing from SBI Group, Investcorp, and Turkish investment management firm Arz Portföy, alongside several undisclosed strategic partners.
Founded in 2019 by CEO Mohammad Raafi Hossain and COO Daniel Ahmed, Dubai-based Fasset operates a digital banking platform focused on emerging markets across Asia, the Middle East, and Africa.
The company offers multi-currency accounts, debit cards, and investment services tied to digital and tokenized real-world assets. Its platform uses blockchain technology and dollar-backed stablecoins to enable lower-cost cross-border payments, instant remittances, and accessible wealth management tools for underserved populations.
Fasset says it currently serves around two million users and small business clients across 125 countries, with annualized transaction volumes reaching $32 billion.
According to Hossain, the new capital will support the expansion of “Fasset’s Own Network” the company’s AI-enabled financial infrastructure layer connecting banks, payment companies, telecom providers, on/off-ramp partners, and financial institutions across emerging markets.
The company previously raised $22 million in a Series A round in 2022. Existing investors also include Liberty City Ventures, Fatima Gobi Ventures, Soma Capital, and MyAsiaVC.
Earlier this year, Fasset partnered with Tether to launch what the companies described as the world’s first gold-backed Visa card, alongside gold-linked ATM support.
