Fundraising
Investment
About Fasset
Fasset, a stablecoin-powered digital bank, has reached several long-term milestones since its founding in 2019. In May 2026, it completed a $51 million Series B round led by SBI Group, strengthening its remittance infrastructure. Shortly after, Fasset obtained a temporary license in Malaysia to launch a Sharia-compliant digital bank, expanding its regulated footprint in Southeast Asia. In June 2026, Fasset partnered with Tether to launch the world's first gold-backed Visa card, integrating XAUT cashback and promoting tokenized gold adoption. By August 2026, Fasset raised $68 million in Series C at a $1 billion valuation, led again by SBI Group, marking its unicorn status. The company now processes over $40 billion in annualized transaction volume, serving 3 million+ wallets across 125 countries and 1,000+ enterprises, with regulatory approvals in the UAE, Indonesia, Malaysia, EU, Turkey, and Pakistan.
Key developments in the past six months:
In April 2026, Fasset and Tether launched the world's first gold-backed Visa card, offering up to 6% cashback in XAU₮ and auto round-up purchases of Tether Gold, bringing digital gold into mainstream payments .
In August 2026, Fasset closed a $68M Series C led by SBI Group at a $1B valuation, becoming a unicorn; total 2026 funding reached $119M. Officials reported $40B+ annualized transaction volume, 3M+ wallets across 125 countries, and 1,000+ enterprises .
Future focus: expand the regulated Own Network connecting banks, telcos, payment and liquidity providers; increase investment in agentic AI for corridor banking, stablecoin settlement and tokenized asset infrastructure; pursue the "any-to-any banking" vision—any person/asset/rail anywhere ; also advance lending and trade finance, flagged before the Series C .
Co-founders & Core Executives:
Mohammad Raafi Hossain – Co-founder & CEO. Previously served as Advisor to the UAE Prime Minister's Office and worked at Deloitte as FinTech Business Analyst. Holds a background in policy, innovation, and digital assets.
Daniel Ahmed – Co-founder & COO. Former Senior Associate at the UAE Prime Minister's Office and FinTech Business Analyst at Deloitte. Brings operational and strategic expertise in emerging markets.
Fitoy Wicaksana – Chief Product Officer. Seasoned product leader with 15+ years in fintech, digital banking, and blockchain. Previously led product teams at Fasset and other firms. Not a co-founder but a key executive.