SBI Group leads $68m Series C in Islamic neobank Fasset at $1bn valuation

Key points

Fasset closed a $68 million Series C led by SBI Group at a $1 billion valuation, following a $51 million Series B in May 2026, for a combined $119 million raised this year.
Annualised transaction volume reached $40 billion, compared with $7 billion at end of Q3 2025, suggesting rapid corridor adoption.
The platform serves over three million wallets and more than 1,000 enterprises across 125 countries.
Proceeds will fund expansion of Fasset's Own Network, a regulated layer connecting banks, telcos, and payment providers across 100-plus banking corridors.
AI investment is targeted specifically at settlement routing and corridor banking optimisation, not general-purpose tooling.

Fasset, a Dubai-founded neobanking platform built around stablecoin infrastructure for Islamic finance, has closed a $68 million Series C round led by Japan’s SBI Group, valuing the company at $1 billion. The raise follows a $51 million Series B completed in May, bringing Fasset’s total 2026 fundraising to $119 million.

The platform reports annualised transaction volume now exceeding $40 billion, up from $7 billion at the close of Q3 2025, a pace that suggests the corridor banking use case is scaling faster than earlier projections. The network currently spans over three million wallets and more than 1,000 enterprise clients across 125 countries.

Fresh capital is directed at two areas: expanding Fasset’s Own Network, a regulated infrastructure layer connecting banks, telecoms operators, and payment providers across more than 100 banking corridors, and deepening artificial intelligence capabilities applied to settlement routing. The strategic read is that SBI’s lead position is not incidental; Japan’s largest financial conglomerate has a consistent pattern of anchoring its Asian fintech bets in regulated payment rails, and its endorsement here signals confidence that stablecoin-denominated settlement in Islamic-finance corridors is approaching institutional weight.

What this means

distribution & BD: A network claiming 100-plus live banking corridors and 1,000 enterprise clients is now capitalised to compete for the same institutional connectivity deals that traditional correspondent banks and regional payment aggregators currently hold; any corridor overlap with Fasset's Own Network warrants a sharper view of where Fasset is pricing against legacy rails.
treasury & allocator: The jump from $7 billion to $40 billion in annualised volume inside roughly three quarters suggests the Islamic-finance stablecoin corridor is no longer a niche; allocators with mandates covering Gulf or Southeast Asian payment infrastructure may want to stress-test whether their current exposure captures this velocity.
regulatory & policy affairs: Fasset's regulated-infrastructure framing across 125 countries raises the question of how its multi-jurisdictional licensing stack interacts with evolving stablecoin regimes in markets where Islamic finance is a primary modality, and whether existing regulatory mapping for Gulf-to-Asia corridors needs updating as the platform scales.
founder & strategy: SBI's lead position in a round at this valuation brings a strategic partner with deep Asia-Pacific distribution, but it also anchors Fasset's institutional narrative around a single marquee backer; the concentration of that signal is worth weighing as the company courts additional banking and telco partners for its Own Network.

Original source

Ledger Insights

ledgerinsights.com

SBI Group leads $68m Series C in Islamic neobank Fasset at $1bn valuation

Key points

Original source

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