Neobank Fasset has raised $51 million to expand its stablecoin-centric banking platform to emerging markets.

Headquartered in Los Angeles, Fasset is focused on using the latest technology to boost financial inclusion in emerging markets and has secured regulatory approvals in the UAE, Indonesia, Malaysia, the EU, Türkiye, Pakistan, and others.

Fasset operates a stablecoin-based banking and payments platform spanning more than 50 corridors. The platform now records over US$32 billion in annualised transaction volume, serving more than two million wallets across 125 countries and over 1000 SME clients globally.

In a statement on Thursday, Fasset said it plans to expand further across Asia, Africa, and the Americas, building on operations in the UAE, Bahrain, Indonesia, Malaysia, Pakistan, Türkiye, and the United States. The funding round, which included participation from SBI Group, Arz Portföy, Investcorp, and several family offices, will support the expansion of its regulated financial infrastructure across more than 50 banking corridors, according to Fasset.

It currently holds regulatory approvals in the UAE, Indonesia, the European Union, Türkiye, Pakistan, and Malaysia. The latest funding will also support the development of additional banking licenses, compliance systems, and Own Network, the company’s proprietary infrastructure for stablecoin payments and custody across the Asia-Africa corridor.

Fasset plans to increase hiring across its retail, business, and private banking divisions, while developing new lending, SME banking, and trade finance products. The company currently processes more than $32 billion in annualized transaction volume, serving more than two million wallets across 125 countries and over 1,000 SME clients.