Islamic neobank Fasset closes $51 million Series B, eyes Morocco-to-Malaysia corridor
Islamic digital bank Fasset has raised $51 million in a Series B round to expand its stablecoin-based banking platform across emerging markets, with backing from Japan's SBI Group, Bahrain-headquartered Investcorp, and Turkish asset manager Arz Portföy.
Founded in 2019 and based in Los Angeles, Fasset is an Islamic digital bank offering Shariah-compliant digital investing, payments, and savings services to more than 2 million customers in 125 countries. The company 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.
The company holds regulatory licenses in the UAE, Indonesia, Malaysia, the EU, Turkey, and Pakistan, and its Shariah-compliant approach has helped it gain traction in Gulf and South Asian markets.
Fasset plans to use the new funding to enter additional markets, build lending and trade finance products, and grow its proprietary "Own Network" infrastructure — its stablecoin payments and custody layer. The broader goal, according to CEO Mohammad Raafi Hossain, is to build out infrastructure connecting financial institutions, telecoms, payment companies, and on/off-ramp partners "across the Morocco-to-Malaysia corridor and beyond."
"We are building Fasset for a world where money moves as easily across borders as information does," Hossain said. "This funding round strengthens our ability to build regulated banking services and expand into new markets where our services are needed most."
Fasset said Dealroom data shows the round is the largest payments series B announced in 2026.
Glossary
Stablecoin A type of digital currency designed to hold a fixed value, usually pegged one-to-one with the US dollar. Unlike Bitcoin or other cryptocurrencies, which can swing wildly in value, a stablecoin is meant to stay stable. One dollar in, one dollar out. Companies use them to move money across borders quickly and cheaply, without going through the traditional banking system. The most widely used stablecoin is USDT, issued by a company called Tether.
Neobank A bank that exists entirely online, no branches, no tellers, no physical presence. Neobanks offer many of the same services as traditional banks (accounts, payments, savings) but operate through an app or website, usually at lower cost. Because they don't carry the overhead of physical infrastructure, they can serve customers in markets that traditional banks have historically ignored.
