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Fasset

Category: AI in Fintech

Stablecoin-powered neobank and Islamic digital bank offering USD accounts, cross-border payments, and investment services across emerging markets. Fasset was founded in 2019. The company is led by Mohammad Raafi Hossain. Based in Dubai, United Arab Emirates. Team size: 51-200. Total funding raised: $77.7M. Latest round: Series B. Key investors include SBI Group; Investcorp; Arz Portföy; Liberty City Ventures; Fatima Gobi Ventures; Ceras Ventures; Soma Capital; MyAsiaVC.

Founded
2019
Headquarters
Dubai, United Arab Emirates
Team size
51-200
Total funding
$77.7M

Value proposition

Fasset provides a regulated, Shariah-compliant digital banking platform that uses stablecoins (USDC/USDT) to enable faster, cheaper cross-border payments, USD accounts, global spending cards, and investment access for underserved populations in emerging markets across Asia, Africa, and the Middle East.

Products and solutions

Fasset App (USD accounts, cross-border payments, global Visa card); Fasset Card (gold-backed Visa card with Tether); Fasset Business (SME banking); Fasset OTC Desk; Fasset Engine API; Fasset Own Network (AI-enabled financial infrastructure layer connecting banks, payment companies, telcos); Crypto investing (stocks, metals, bonds, commodities); Staking/yield products (up to 10% APY)

Unique value

World's first stablecoin-powered Islamic digital bank with a provisional banking license in Malaysia; Shariah-compliant, interest-free banking built on blockchain rails; serves 2M+ users across 125 countries with $32B+ annualized transaction volume; proprietary Own Network infrastructure connecting 50+ banking corridors across emerging markets.

Target customer

Individuals and SMEs in emerging markets (Asia, Africa, Middle East) who need cross-border financial services, including freelancers, small business owners, diaspora communities sending remittances, and unbanked/underbanked populations seeking USD account access.

Industries served

Fintech, Digital Banking, Cross-border Payments, Remittances, Islamic Finance, Stablecoin Infrastructure

Technology advantage

Proprietary "Own Network" — an AI-enabled financial infrastructure layer connecting banks, payment companies, telecom operators, and on/off-ramp partners across emerging market corridors; stablecoin-powered settlement for instant, low-cost cross-border transfers; SOC2 Type II and ISO 27001 certified security; regulated in multiple jurisdictions (UAE, Bahrain, Malaysia).

How they differentiate

Fasset is the only stablecoin-powered Islamic digital bank with a provisional banking license; combines Shariah compliance with blockchain-based stablecoin settlement; focuses specifically on the Morocco-to-Malaysia corridor and emerging markets overlooked by traditional fintech; offers full-stack banking (USD accounts, cards, investments, OTC desk) rather than single-service payments.

Main competitors

Chipper Cash (African cross-border payments); AZA Finance (formerly BitPesa, African FX/payments); Conduit (stablecoin payments infrastructure); Nubank (Latin American digital banking)

Key partnerships

Tether (gold-backed Visa card partnership); SBI Group (lead Series B investor); Visa (payment card network); Apple Pay; Google Pay

Major milestones

2021: Seed funding from Ceras Ventures; 2022: $22M Series A led by Liberty City Ventures; 2022: Bahrain regulatory approval for blockchain platform testing; 2025: Provisional banking license from Malaysia to operate world's first stablecoin-powered Islamic digital bank; 2026: $51M Series B led by SBI Group; 2026: Tether partnership for gold-backed Visa card; 2026: Launched Fasset Own Network (AI-enabled financial infrastructure)

Growth metrics

2M+ wallets/users across 125 countries; $32B+ annualized transaction volume; 1,000+ SME clients; 50+ banking corridors; $6B annualized volume (as of Oct 2025), projected $24B by end of 2026

Market positioning

Leading stablecoin neobank for emerging markets with a unique Islamic finance angle; positioned as the "Nubank for Asia and Africa" but built on blockchain/stablecoin rails; regulated in multiple jurisdictions giving it a compliance advantage over pure crypto-native competitors.

Geographic focus

Asia (Indonesia, Pakistan, Malaysia, Bangladesh), Africa (Nigeria, Kenya, Egypt, South Africa, Morocco), Middle East (UAE, Bahrain, Saudi Arabia, Qatar, Jordan)

About Mohammad Raafi Hossain

Ex-Advisor to UAE Prime Minister's Office; University of California, Berkeley (Economics & Sustainable Development). Previously worked at Silatech, UN Environment Programme, and People Equity Fund.

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