business
Stablecoin-powered neobank Fasset raises $51 million to expand across emerging markets
Key takeaways
- The Los Angeles-headquartered company said Thursday the Series B round included investors such as Japan’s SBI Group, Investcorp and Turkish asset manager Arz Portföy.
- The company is part of a broader wave of fintechs and neobanks rebuilding financial services on top of blockchain networks and dollar-backed stablecoins.
- Stablecoins have become one of crypto's fastest-growing sectors, increasingly seen as an alternative for remittances, treasury management and international commerce.
The Los Angeles-headquartered company said Thursday the Series B round included investors such as Japan’s SBI Group, Investcorp and Turkish asset manager Arz Portföy. The firm did not disclose the valuation the investment happened.
The startup operates a banking and payments platform spanning more than 50 corridors across Asia, Africa and the Middle East, using stablecoins to move money across borders faster and at lower cost than traditional banking systems.
Fasset said it plans to use the funding to expand into new markets, develop lending and trade finance products for small businesses and grow what it calls "Own Network," its proprietary infrastructure for stablecoin payments and custody.
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