Lahore born cofounder's Fasset hits $1 billion value in $68 million round
The stablecoin neobank, which one outlet calls an Islamic neobank, raised a Series C led by Japan's SBI Group, only months after its Series B.
Fasset, a stablecoin neobanking platform with a Pakistani born cofounder, has raised $68 million in a Series C round at a valuation of $1 billion. SBI Group of Japan led the round, which was announced in the last week of August 2026.
The deal follows a $51 million Series B in May, in which Speedinvest took part. Fasset says it has now raised $119 million this year.
The Pakistan link is Daniel Ahmed, who was born in Lahore and serves as cofounder and chief operating officer. Mohammad Raafi Hossain is cofounder and chief executive. Coverage differs on the company's base. Several outlets describe it as UAE based, while the company's Business Wire release carried a Los Angeles dateline. Fintech Futures described Fasset as an Islamic neobank.
According to the company, Fasset processes more than $40 billion in annualised transaction volume. It reports more than 3 million wallets, more than 1,000 enterprise clients and reach across 125 countries. These figures come from Fasset, and the ProPakistani report did not independently verify them.
The company said the new money will expand Own Network, its regulated settlement network, and fund agentic AI systems for corridor banking, stablecoin settlement and tokenised assets.
ProPakistani noted that the announcement came days after Pakistan's Virtual Asset Regulatory Authority notified the country's first Virtual Asset Services Regulations. Whether Fasset will build a local business in Pakistan was not stated in the coverage we reviewed.
Reported from a company announcement and coverage in ProPakistani, The Block and Fintech Futures.
