Fasset raises $51 million for stablecoin banking

Fasset, a Shariah-compliant digital bank, has successfully raised $51 million in a Series B funding round, with participation from prominent investors including Japan's SBI Group and Investcorp. The company utilizes stablecoins to facilitate cross-border payments across over 50 corridors in Asia, Africa, and the Middle East, processing a substantial $32 billion in annualized volume for numerous small and medium-sized businesses. This new capital will fuel Fasset's expansion into additional emerging markets, support the development of new lending and trade finance products, and enhance its proprietary infrastructure. The funding underscores the growing trend of fintech firms leveraging blockchain technology and stablecoins for more efficient global financial services.