Dubai fintech Fasset reaches unicorn status

Dubai-based fintech Fasset has reached a US$1 billion valuation after closing a US$68 million Series C funding round led by Japan’s SBI Group, elevating the company into the region’s unicorn ranks. The firm, which provides digital banking, payments and investment services built on stablecoins and blockchain infrastructure, said the fresh capital will accelerate product development and cross-border settlement capabilities.

"The funding will increase investment in agentic AI-enabled systems that support corridor banking, stablecoin settlement and tokenised asset infrastructure," the company said in a statement.

Founded in 2019 by Mohammad Raafi Hossain and Daniel Ahmed, Fasset has been steadily expanding both its product set and geographic footprint. The fintech said it processes more than US$40 billion in annualised transaction volume, serves more than 3 million wallets across 125 countries, and counts over 1,000 enterprises as customers. The Series C brings the startup’s fundraising tally for 2026 to US$119 million, following a US$51 million Series B round in May, and pushes its lifetime capital raised to in excess of US$150 million.

Funding details and strategic priorities

• Series C: US$68 million, led by SBI Group of Japan.
• 2026 fundraising to date: US$119 million, including a US$51 million Series B in May.
• Total funding raised: more than US$150 million since founding in 2019.
• Operational footprint: regulated entities and partnerships across the GCC, Asia, Europe and other markets.

The company’s stack centres on stablecoins and blockchain rails to move money across borders, positioning itself as a corridor banking and tokenisation specialist. Management framed the new capital as a means to scale "agentic AI-enabled systems" — automated, decision-capable systems intended to optimise settlement, liquidity routing and tokenised asset infrastructure. That focus places Fasset at the intersection of payments, digital assets and enterprise banking services, a combination that has attracted institutional and strategic investors including SBI Group.

Fasset’s founders have pursued a route of regulated expansion, operating through licensed entities and local partnerships to access diverse corridors and markets. The startup’s customer metrics — more than 3 million wallets in 125 countries and over 1,000 enterprise clients — suggest broad adoption of its cross-border payment and investment products, while the reported US$40 billion in annualised transaction volume underscores scale in on-chain and off-chain flows.

Outlook

Reaching unicorn status provides Fasset with capital and credibility as it pushes deeper into tokenised assets, settlement infrastructure and AI-driven corridor banking. The company’s emphasis on agentic AI and stablecoin settlement signals a bet on automation and digital-asset rails to reduce cost and latency in cross-border transactions. How quickly Fasset converts its stated ambitions into new product rollouts, regulatory clearances and additional corridor partnerships will determine whether it can sustain growth and justify its US$1 billion valuation amid a cautious funding environment in the region.