Fasset closes $51M Series B

Fasset said on May 15 it had closed a $51 million Series B round to expand a stablecoin-based banking and payments platform aimed at emerging markets. The Los Angeles-headquartered company said the financing will be used to build out regulated financial infrastructure, add products including lending and SME banking, and enter new markets across Asia, Africa and the Americas. FinTech Global reported the round as the largest payments Series B of 2026 so far. Fasset and FinTech Global both identified Japan’s SBI Group, Bahrain-based Investcorp and Istanbul-based Arz Portföy among the participants. ### Who put money into the round? Fasset named SBI Group, Investcorp and Arz Portföy as participants in the Series B, alongside what it described as several other partners. FinTech Global separately reported that the round also included a collection of strategic family offices. Neither the company post nor the FinTech Global report disclosed a lead investor, valuation or ownership terms. (fasset.com) ### What business is Fasset saying it is building? Fasset describes itself as a global banking and investment platform built around stablecoin rails, cross-border payments and digital investing. On its website, the company says its products include U.S. dollar accounts, cards, remittances and business payments, and that it supports users in more than 125 countries. A separate enterprise page says Fasset Business offers multi-currency accounts, global payments, stablecoin management and business card tools for companies operating across borders. (fasset.com) ### Where will the $51 million go? FinTech Global said Fasset plans to use the capital to accelerate regulated, full-service financial infrastructure across more than 50 local banking corridors and to enter additional markets in Asia, Africa and the Americas. The report said the company also intends to triple headcount across retail, business and private banking, expand its U.S. office and launch business lines in lending, SME banking and trade finance. (fasset.com) In Fasset’s own announcement, founder and chief executive Mohammad Raafi Hossain said the money would help accelerate “Own Network,” which he described as an AI-enabled infrastructure layer connecting banks, payment companies, telecom operators and on- and off-ramp partners across the “Morocco-to-Malaysia corridor and beyond.” ### How large is the platform today? FinTech Global reported that Fasset currently processes more than $32 billion in annualized transaction volume, supports more than 2 million wallets in 125 countries and serves more than 1,000 SME clients. The same report said Fasset’s institutional user base grew tenfold during 2025. Fasset’s enterprise page gives a lower figure for historical transaction volume, listing $6 billion “as of 2025,” alongside 2 million community members and more than 500,000 active users. (fasset.com) The difference suggests the company is using different time frames or metrics across its public materials. ### What does the company say about regulation and partnerships? FinTech Global said Fasset holds regulatory approvals across the United Arab Emirates, Indonesia, Malaysia, the European Union, Türkiye and Pakistan, among other jurisdictions. Fasset’s site also says the company is “fully regulated and compliant,” and its documents page lists anti-money laundering, anti-bribery and jurisdiction-specific policy documents, including materials for Bahrain, Indonesia and Labuan. (fintech.global) In April, Fasset announced a partnership with Tether to launch what it called a gold-backed Visa neobanking card. ### What comes next? Hossain said the new capital would be used to expand regulated banking services in markets where Fasset sees unmet demand for cross-border money movement and access to dollar-linked financial tools. The company’s enterprise page says Fasset Business is “coming soon” in the first quarter of 2026, while the Series B announcement says the next phase includes broader rollout of banking, payments and treasury infrastructure across its network. (fintech.global) The named investors in the round were SBI Group, Investcorp and Arz Portföy. (fasset.com)