Fasset raises $51 million Series B to expand stablecoin banking
SBI Group, Investcorp and Arz Portföy participated in funding for Fasset’s financial infrastructure and expansion across emerging markets.
Fasset has raised $51 million in Series B funding with participation from SBI Group, Investcorp and Turkish asset manager Arz Portföy. The financing will support expansion of the company’s stablecoin-based banking and payments platform across emerging markets.
The company plans to grow Own Network, which connects banks, payment providers, telecom operators and financial institutions. It also intends to enter additional markets and develop lending and trade-finance products for small businesses.
At the time of the announcement, Fasset said its platform processed more than $32 billion in annualised transaction volume across 125 countries. The Los Angeles-headquartered company serves businesses moving money through corridors in Asia, Africa and the Middle East.
Use of funds
Expand Own Network financial infrastructure
Enter additional markets and develop SME lending and trade-finance products