Stablecoin-powered neobank Fasset raises $51 million to expand across emerging markets
The Shariah-compliant digital bank is part of a growing wave of fintech startups building banking and payments services on top of blockchain and stablecoin rails.
What to know:
- Fasset raised $51 million to expand its stablecoin-powered banking platform, with backing from Japan’s SBI Group, Investcorp and Turkey’s Arz Portföy.
- The Los Angeles-based startup uses stablecoins to move money across more than 50 payment corridors in Asia, Africa and the Middle East, processing over $32 billion in annualized volume for more than 1,000 small and medium-sized businesses in 125 countries.
- Fasset said it plans to use the new funding to enter additional markets, build lending and trade finance products, and grow its proprietary “Own Network” infrastructure, as stablecoins gain traction for remittances and cross-border commerce.
The startup operates a banking and payments platform spanning more than 50 corridors across Asia, Africa and the Middle East, using stablecoins to move money across borders faster and at lower cost than traditional banking systems.
Fasset said it plans to use the funding to expand into new markets, develop lending and trade finance products for small businesses and grow what it calls “Own Network,” its proprietary infrastructure for stablecoin payments and custody.
The company is part of a broader wave of fintechs and neobanks rebuilding financial services on top of blockchain networks and dollar-backed stablecoins. For example, business banking startup Slash last month raised $100 million in an investment round that valued the company at $1.4 billion. The firm have been developing stablecoin-based payment products and launched a stablecoin with Stripe’s Bridge aimed at cutting settlement delays and foreign exchange costs for global businesses.
