Fasset reaches USD 1 bn valuation after USD 68 mn Series C round

Dubai-based fintech Fasset joined the unicorn club after raising USD 68 mn in Series C funding, pushing its valuation to USD 1 bn as it expands its stablecoin-based financial network and AI capabilities, the company said in a post on Facebook.

The nitty-gritty: The round was led by Japan’s SBI Group and follows a USD 51 mn Series B in May, bringing its total funding raised this year to USD 119 mn, Khaleej Times reports. The fresh capital will help expand Fasset’s Own Network, a regulated financial infrastructure connecting banks, telecom companies, and payment and liquidity providers across international markets. The company also plans to increase investment in agentic AI for cross-border banking corridors, stablecoin settlement, and tokenized asset infrastructure.

Who are they? Established in 2019 and co-founded by Mohammad Raafi Hossain (LinkedIn) and Daniel Ahmed (LinkedIn), Fasset looks to democratize access to global assets through its application, enabling people to invest in digital and real-life assets. It says it currently processes more than USD 40 bn in annualized transaction volume, serving more than 3 mn wallets and 1k enterprises across 125 countries.

IN CONTEXT- The company went live in the UAE in 2024 after securing a Virtual Asset Service Provider license from the Virtual Assets Regulatory Authority.

SBI seeks a timely in: SBI said Fasset could serve as a financial bridge between Japan and high-growth markets, supporting stablecoin-based remittances and settlement infrastructure connecting Asia-Pacific with the Middle East and Africa. Through the SBI tie-up, Fasset gains access to a network supporting bank-account remittances in about 200 countries.

GO DEEPER- For a deeper dive into why stablecoins have become a strategic priority for the UAE — and how firms like Fasset fit into the bigger picture of AED-backed and cross-border stablecoin infrastructure the country is trying to build, read our recent explainer here.