Japanese financial services group SBI has led a $68 million Series C funding round for Fasset, elevating the digital asset-focused Islamic neobank to unicorn status just 90 days after its previous venture capital raise.
The round values Fasset at $1 billion and brings the company’s total funding to date to over $150 million. This figure includes a $51 million Series B round closed in May.
Other known investors supporting Fasset include Investcorp, Arz Portföy, and Speedinvest, alongside a number of company partners.
SBI has been working with Fasset through its international transfer arm, SBI Remit, since June. This partnership focuses on the bank moving money through Fasset’s Own Network solution.
This network functions as an Ethereum Layer-2 blockchain built on Arbitrum technology and integrates USD stablecoins into its settlement infrastructure, connecting over 100 different banking corridors.
Now processing more than $40 billion in annualised transaction volume, Fasset states that it will use the Series C cash to scale Own Network.
Meanwhile, Fasset also plans to invest in agentic AI capabilities, specifically “supporting corridor banking, stablecoin settlement, and tokenised asset infrastructure”, according to a company statement.
The company already uses the technology to enhance the transaction routing process based on various factors including cost, availability, and speed.
Fasset CEO Mohammad Raafi Hossain says: “The banking system is broken. It’s not enough to build another financial front on current rails. We are investing deeper into the stack, from licenses in emerging markets to enabling agentic payments, to rebuild the way we do banking from the ground up.”
“Access to financial opportunity still depends too heavily on where someone lives and the financial system available to them,” Hossain continues. “The next phase is about any-to-any banking. Any person to any person. Any asset to any asset. Any rail to any rail, anywhere.”
Hossain previously sold his micro waqf crowdfunding platform Narwi to the World Congress of Muslim Philanthropists before going on to create Fasset with COO Daniel Ahmed in 2019.
His latest venture has since gone on to serve more than three million wallets across 125 countries, while providing stablecoin infrastructure to around 1,000 enterprise clients.