UAE Fintech Fasset Reaches $1B Valuation After $68M Series C Round

UAE-based neobanking platform Fasset has reached a $1 billion valuation after raising $68 million in a Series C round led by Japan’s SBI Group.

Fasset uses AI to route transactions across different payment rails, currencies and providers based on factors including cost, speed and availability. The company says it now processes more than $40 billion in annualised transaction volume, serves more than three million wallets across 125 countries and works with over 1,000 enterprises.

The new capital will be used to expand Own Network, Fasset’s regulated infrastructure connecting banks, telecom operators, payment companies, liquidity providers and other financial institutions across more than 100 banking corridors. The company also plans to invest further in agentic AI systems for cross-border banking, stablecoin settlement and tokenised asset infrastructure.

“The next phase is about any-to-any banking. Any person to any person. Any asset to any asset. Any rail to any rail, anywhere,” Fasset co-founder and CEO Mohammad Raafi Hossain said. “We built Fasset to address a simple problem: access to financial opportunity still depends too heavily on where someone lives and the financial system available to them.”

The investment deepens Fasset’s relationship with SBI Group, one of Japan’s largest diversified financial groups. The two companies already work together through SBI Remit on cross-border payments infrastructure, with SBI Remit’s network supporting remittances to around 200 countries and territories.

The Series C follows Fasset’s $51 million Series B in May, which brought Speedinvest onto its cap table. Together, the two rounds bring the company’s total fundraising in 2026 to $119 million.

Fasset operates through regulated entities and partnerships across the GCC, Asia, Europe and other markets, with its products focused on enabling individuals, businesses and institutions to hold, move, spend and invest across currencies and asset classes from a single account.