A. SREENIVASA REDDY (ABU DHABI)
Fasset, a UAE-based AI-powered stablecoin neobanking platform, has raised $68 million in Series C funding, valuing the company at $1 billion.
The financing was led by Japanese financial services group SBI Holdings and follows Fasset’s $51 million Series B funding round in May.
In a statement announcing the latest funding, Fasset said the new capital would support the expansion of Own Network, its regulated financial network connecting banks, telecom operators, payment companies and liquidity providers to facilitate settlement across international markets.
"The newly raised capital goes straight into OWN, our open, regulated network, and the AI labs, powering how money moves across currencies, markets, and borders,” a Linkedin post by the company said.
The two funding rounds have brought the company’s total capital raised in 2026 to $119 million and made it a financial technology “unicorn”, the term used for a privately held start-up valued at $1 billion or more.
Founded in 2019 by Mohammad Raafi Hossain and Daniel Ahmed, Fasset provides remittance, settlement, banking and investment services using stablecoins and other digital assets.
It primarily serves markets across Asia, the Middle East and Africa, where many individuals and businesses have limited access to conventional financial services.
Its financial account allows individuals, businesses and institutions to receive, hold, transfer, spend and invest across currencies, markets and asset classes. Customers use Fasset’s accounts and financial products without having to manage the underlying blockchain and settlement infrastructure directly.
The company processes more than $40 billion in annualised transaction volume and serves more than three million digital wallets and 1,000 businesses across 125 countries. Its operations are supported by regulated entities and partnerships across the GCC, Asia, Europe and other markets.
The latest investment expands Fasset’s relationship with SBI, which made its first strategic investment in the company in May. SBI’s international remittance subsidiary, SBI Remit, subsequently signed an agreement with Fasset to develop international remittance infrastructure.
SBI said it planned to make Fasset an equity-accounted affiliate through further stake acquisitions. The two companies also plan to jointly operate a digital bank in Malaysia and distribute tokens issued by Fasset.
Yoshitaka Kitao, chairman and chief executive of SBI Holdings, said Fasset could serve as “an important financial bridge connecting Japan with high-growth markets around the world”.
Fasset co-founder and chief executive Mohammad Raafi Hossain said the company was seeking to address a market in which “access to financial opportunity still depends too heavily on where someone lives and the financial system available to them”.