Dubai-based stablecoin neobank Fasset has secured $51 million in a Series B funding round to expand its Sharia-compliant banking and investment platform globally. The round was supported by SBI Group, Investcorp, and Turkish investment management firm Arz Portföy, in addition to a number of undisclosed company partners.

Fasset operates as an online bank for emerging markets across Asia, the Middle East, and Africa, offering multi-currency accounts, debit cards, and investment services for digital and tokenised real-world assets.

The platform specialises in using blockchain technology and dollar-backed stablecoins to enable lower-cost cross-border payments, instant remittances, and accessible wealth management tools for unbanked and underserved populations in these regions.

Around two million individual users and small business clients are currently signed up to Fasset, which extends to 125 countries globally and boasts an annualised transaction volume of $32 billion.

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In a blog post announcing the company’s latest raise, CEO Mohammad Raafi Hossain, who founded Fasset with COO Daniel Ahmed in 2019, said the funds would be used to “accelerate Fasset’s Own Network”.

The former political advisor to the UAE Prime Minister describes this proprietary network as “our growing AI-enabled financial infrastructure layer connecting banks, payment companies, telcos, on/off-ramp partners, and financial institutions across the Morocco-to-Malaysia corridor and beyond”.

Fasset last raised $22 million in a Series A funding round closed in Q2 2022. Current investors also include Liberty City Ventures, Fatima Gobi Ventures, Soma Capital, and MyAsiaVC. The fintech notably came together with USDT issuer Tether in April to launch what the partners position as the world’s first gold‑backed Visa card, alongside gold‑linked ATM support.