CoinDesk
Fasset, a Los Angeles-headquartered neobank that moves money across borders on stablecoin rails, closed a $51 million Series B led by Japan's SBI Group with Investcorp and Turkey's Arz Portföy co-investing. The Shariah-compliant digital bank currently processes more than $32 billion in annualized transaction volume for over 1,000 small and medium-sized businesses across 125 countries, funneling capital through more than 50 payment corridors in Asia, Africa and the Middle East.
The company will use the new capital to enter additional markets, build out lending and trade finance products, and scale its proprietary "Own Network" infrastructure for stablecoin payments and custody. Fasset did not disclose the valuation, but the round is the latest in a string of sizable checks to fintechs rebuilding banking services on top of dollar-backed stablecoins rather than correspondent networks.
Why it matters
The investor lineup matters as much as the dollar figure. SBI Group is one of the most aggressive crypto-native incumbents in Asia, with deep exposure to Ripple, stablecoin issuers and on-chain settlement infrastructure; Investcorp brings Gulf balance-sheet weight; and Arz Portföy anchors the Turkey leg of the distribution map. Capital at that profile is a signal that institutional allocators now treat stablecoin-based cross-border payments as a category, not a bet.
Fasset also recently partnered with Tether to launch a gold-backed neobanking card tied to tokenized assets, layering a real-world-asset angle onto its payments stack. CEO Mohammad Raafi Hossain framed the round as fuel for regulated banking services in markets where correspondent banking remains slow or expensive, calling it a step toward "a world where money moves as easily across borders as information does."
Market impact
Stablecoins have become one of crypto's fastest-growing sectors, increasingly used for remittances, treasury management and international commerce as businesses look to bypass the SWIFT correspondent network.
Frequently asked questions
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What is Fasset and what does the $51 million fund?
Fasset is a Los Angeles-headquartered, Shariah-compliant digital bank that uses stablecoins to move money across 50+ payment corridors in Asia, Africa and the Middle East. The $51M Series B will fund new market entry, lending and trade finance products, and the scaling of its proprietary "Own Network" stablecoin…
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Who invested in Fasset's Series B round?
Japan's SBI Group led the round, with Investcorp and Turkish asset manager Arz Portföy co-investing. Fasset did not disclose the valuation attached to the investment.
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How large is Fasset's current payments footprint?
Fasset processes more than $32 billion in annualized transaction volume for over 1,000 small and medium-sized businesses across 125 countries, primarily in emerging markets where correspondent banking remains slow or expensive.
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What is Fasset's partnership with Tether?
Fasset recently partnered with Tether to launch a gold-backed neobanking card tied to tokenized assets, layering a real-world-asset product onto its stablecoin-based payments and banking stack.
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Why are stablecoin-based neobanks attracting institutional capital now?
Investors are betting that dollar-backed stablecoins can bypass correspondent banking entirely, making cross-border B2B payments and remittances cheaper and faster — particularly in emerging markets. The thesis is that blockchain-native banking is becoming a category, not a niche, with comparable raises from peers…
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