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Stablecoin Digital Bank Fasset Completes $51 Million Series B Funding Round with Participation from Japan's SBI Group
On May 14, stablecoin-driven digital bank Fasset announced the completion of a $51 million Series B funding round, with investors including Japan’s SBI Group, Investcorp, and Turkish asset management company Arz Portföy. The valuation for this round has not been disclosed. Fasset utilizes stablecoin technology to cover over 50 payment channels across Asia, Africa, and the Middle East, serving more than 1,000 small and medium-sized enterprises in 125 countries, with an annual transaction volume exceeding $32 billion. The company plans to use the funds from this round to expand into new markets, develop loan and trade financing products, and enhance its proprietary stablecoin payment and custody infrastructure, Own Network. Additionally, Fasset has recently partnered with Tether, the issuer of USDT, to launch a gold-backed digital bank card.