Fasset, a stablecoin neobank serving 125 countries, has raised $51 million backed by Japan’s SBI Group and Investcorp.
Summary
- The Series B round also included Turkish asset manager Arz Portföy and will fund new market entry, lending products, and Own Network infrastructure.
- Fasset processes over $32 billion in annualized volume across more than 50 payment corridors in Asia, Africa, and the Middle East.
- The raise reflects growing institutional appetite for blockchain-native banking platforms targeting underserved emerging markets.
Fasset, a Los Angeles-based digital banking platform, uses stablecoin rails to move money across borders for small and medium-sized businesses, bypassing correspondent banking networks.
The company announced the Series B on May 14, disclosing SBI Group, Investcorp, and Turkish asset manager Arz Portföy as investors. The firm serves over 1,000 business customers across 125 countries, operating primarily in South Asia, Southeast Asia, Africa, and the Middle East.
“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.”
How Fasset fits the stablecoin payments surge
The raise arrives as institutional interest in stablecoin payment infrastructure reaches a new high. Analysts at Coinbase noted that stablecoins are taking a larger role in delivery-versus-payment structures as regulatory frameworks mature globally in 2026. The global fiat-backed stablecoin supply exceeded $273 billion by March 2026, growing roughly 40 times from $6.8 billion in early 2020.
Observers have cautioned that neobanks built on stablecoin rails face margin compression as near-zero transfer costs make fee-based revenues difficult to sustain at scale. Fasset’s move into lending and trade finance is consistent with the broader neobank pattern of expanding into higher-margin products after establishing a payments base.
Dragonfly Capital’s Haseeb Qureshi predicted that stablecoins would specifically reshape SMB payments by making cross-border settlement faster and cheaper than traditional correspondent banking. Fasset operates a Shariah-compliant model, aligning it with the needs of key markets in the Gulf, Pakistan, and Indonesia.
