Fasset becomes a unicorn with a $68M Series C led by SBI Group

DUBAI — Fasset has raised a $68M Series C led by Japan’s SBI Group, with Speedinvest participating, at a $1B valuation. AGBI reports the stablecoin-powered neobank, founded in 2019 by Mohammad Raafi Hossain and Daniel Ahmed, handles more than $40B in annualised volume across more than three million wallets in 125 countries. It is the company’s second round of 2026, after a $51M Series B in May, taking the year’s total to $119M.

The mercury just hit fifty. A valuation of $1B is a Fifty Degree Alert on this desk by rule, and the record earns it twice over: the round is above the $50M equity threshold on its own.

What it prices in: MENA’s newest unicorn was minted in a down year, on crypto rails rather than consumer credit. It is the first Gulf-origin stablecoin company to reach the mark, and a proof point that the 2026 growth story in regional fintech is settlement infrastructure, not buy-now-pay-later.

Who wins: SBI, which buys a Gulf distribution asset for stablecoin rails at the top of the round; and Dubai, which gets to put a unicorn on the slide that says the emirate’s digital-asset licensing regime works. Will it hold? Volume of $40B a year is the number to track against the valuation. If it keeps compounding, $1B will look like the floor.

Source: AGBI