Fasset, a Los Angeles-based banking and investment platform, closed a $51 million Series B round on May 14, 2026, to build stablecoin-powered financial infrastructure across more than 50 banking corridors in Asia, Africa, and the Americas.
The raise drew backing from Japan’s SBI Group, Istanbul-based Arz Portföy, Bahrain-headquartered Investcorp, and a group of strategic family offices.
Who Put Up the Money and Why It Signals a Shift
SBI Group’s involvement stands out. The Tokyo-based financial conglomerate has spent years building positions in Asian digital asset infrastructure.
Its bet on Fasset signals confidence in regulated stablecoin banking at a moment when cross-border payment reform is accelerating.
Investcorp, headquartered in Manama, and Arz Portföy, an Istanbul-based asset manager, add regional depth across the Gulf and emerging European markets.
The company did not disclose a post-money valuation.
Fasset describes the round as the largest payments-sector Series B globally in 2026, citing Dealroom data.
How $51M Reshapes Fasset’s Corridor Network
Fasset plans to spend the capital across three areas. First, it will extend its network of 50-plus regulated banking corridors into new markets.
Second, it will build lending, SME banking, and trade finance products for small businesses.
Third, it will triple its retail, business, and private banking headcount and expand its U.S. office.
The company calls its underlying architecture “Own Network,” an AI-enabled infrastructure layer connecting banks, telecoms, payment firms, and on/off-ramp partners from Morocco to Malaysia.
Fasset now processes more than $32 billion in annualized transaction volume across more than 2 million wallets in 125 countries, serving over 1,000 SME clients. Its institutional user base grew tenfold during 2025.
CEO Mohammad Raafi Hossain framed the raise as a long-term infrastructure play. “We are building Fasset for a world where money moves as easily across borders as information does,” he wrote on the company blog.
From $22M Series A in 2022 to a Full-Service Bank
Fasset closed a $22 million Series A on April 15, 2022, led by Liberty City Ventures and Fatima Gobi Ventures. That round funded early market expansion across Indonesia and Pakistan.
The Series B, more than twice the size, marks a different ambition: a licensed, multi-jurisdiction bank rather than a crypto gateway.
The company holds regulatory approvals in the UAE, Indonesia, the EU, Türkiye, Pakistan, and Malaysia. It operates a Shariah-compliant model, which has helped it gain traction in Gulf markets and across South Asia.
In April 2026, Fasset partnered with Tether to launch what the two companies describe as the world’s first gold-backed neobanking card, paired with gold-linked ATM support.
The Compliance Risk That Follows Scale
Scaling stablecoins in emerging markets carries regulatory exposure.
PYMNTS noted that the Financial Action Task Force has cautioned that inconsistent compliance among wallet providers and exchanges could make stablecoins a channel for illicit finance.
FATF standards require KYC checks, sanctions screening, and the Travel Rule for cross-border transactions.
Fasset’s regulation-first model is its answer to that concern, though enforcement consistency across its 125-country footprint remains an open question.
What Comes Next for Fasset
Fasset has not published a firm timeline for individual market launches.
Based on stated priorities, observers should watch for: new banking license applications in target Americas and African markets, the rollout of SME lending and trade finance products tied to the Own Network infrastructure, and headcount announcements tied to the expanded U.S. office.
The company’s official blog is the primary channel for milestone updates.
