Dubai-based Fasset raises $51m to scale stablecoin neobank across emerging markets
Fasset, the Dubai-headquartered stablecoin-powered neobank, has closed a $51 million Series B round to accelerate its build-out of regulated banking infrastructure across Asia, Africa, the Middle East and the Americas. It is one of the largest fintech Series B rounds globally so far in 2026.
The round was led by Japan's SBI Group, with participation from Istanbul-based asset manager Arz Portföy, Bahrain-headquartered global asset manager Investcorp, and a group of strategic family offices.
Fasset operates a Sharia-compliant banking and investment platform that uses stablecoins to settle payments across more than 50 corridors. The company says it now processes over $32 billion in annualised transaction volume, serves more than two million wallets in 125 countries, and counts over 1,000 small and medium-sized businesses among its clients.
The new capital will fund three things: extending the company's network of local banking corridors, entering new markets across the Americas and parts of Asia and Africa, and tripling the retail, business and private banking headcount. Fasset also plans to launch dedicated lending, SME banking and trade finance lines, and to expand its US office to develop executive talent.
Fasset already holds regulatory approvals in the UAE, Indonesia, Malaysia, the EU, Türkiye, Pakistan and several additional jurisdictions. In April the company partnered with USDT issuer Tether to launch what the two firms describe as the first gold-backed Visa card, accompanied by gold-linked ATM functionality.
The raise underlines two trends that GBM has been tracking closely. The first is the migration of stablecoin rails from speculative trading venues into genuine cross-border payments infrastructure for small businesses in emerging markets, where correspondent banking remains expensive and slow. The second is the rise of Gulf-headquartered fintechs as serious participants in global funding rounds, both as investors (in this case Bahrain's Investcorp) and as operators (Fasset itself, headquartered in Dubai).
A $51 million Series B is not the largest cheque written this year, but the combination of regulated banking permissions across multiple high-growth markets, a verifiable $32 billion in annualised volume, and a Tether partnership puts Fasset on a short list of stablecoin-native firms that are starting to look like real banks.
