Los Angeles-headquartered fintech Fasset said it raised $51 million in a Series B funding round backed by SBI Group, Investcorp, Arz Portföy, and strategic family offices.
The round comes as the company looks to expand stablecoin-powered banking and cross-border payment services across emerging markets, according to an announcement.
Financial firms and investors increasingly explore stablecoins and tokenized payment infrastructure as alternatives to traditional cross-border settlement systems, particularly in markets where banking services remain fragmented or expensive.
Fasset said the proceeds will be used to expand its banking and payment infrastructure across Asia, Africa, and the Americas, while supporting new products focused on SME banking, lending and trade finance.
The company operates a stablecoin-based financial platform spanning more than 50 banking corridors and says it serves over 2 million wallets across 125 countries.
Fasset has positioned itself as a compliance-focused fintech platform operating across multiple jurisdictions, including the UAE, Indonesia, Malaysia, Pakistan, Türkiye, and parts of Europe.
The company said it plans to accelerate development of its proprietary Own Network infrastructure, which supports stablecoin payments, custody and cross-border financial services.
The fundraising also follows Fasset’s partnership with Tether, issuer of the world’s largest stablecoin, to develop what the company described as a gold-backed neobanking card and ATM network.
Chief Executive Mohammad Raafi Hossain said the company was focused on building financial infrastructure capable of supporting global money movement and SME financing.
Stablecoins, which are typically pegged to fiat currencies such as the U.S. dollar, have drawn growing interest from banks, fintech firms, and policymakers as blockchain-based payment systems move further into mainstream finance.