Digital bank Fasset raised $51 million to expand its stablecoin-powered banking platform, the latest sign that fintech firms are increasingly building financial services on blockchain rails instead of traditional payment networks.
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.
The company is part of a broader wave of fintechs and neobanks rebuilding financial services on top of blockchain networks and dollar-backed stablecoins. For example, business banking startup Slash last month raised $100 million in an investment round that valued the company at $1.4 billion. The firm have been developing stablecoin-based payment products and launched a stablecoin with Stripe's Bridge aimed at cutting settlement delays and foreign exchange costs for global businesses.
