Fasset Secures $51 Million in Series B Funding for Expansion

Los Angeles-based digital bank Fasset has announced the completion of a $51 million Series B funding round. According to Foresight News, the investment was led by Japan's SBI Group, Investcorp, and Turkish asset management firm Arz Portföy. The valuation for this round was not disclosed. The company plans to use the funds to expand into new markets, develop loan and trade finance products, and enhance its proprietary stablecoin payment and custody infrastructure, known as the 'Own Network.' Recently, Fasset partnered with Tether, the issuer of USDT, to launch a gold-backed digital bank card. The company utilizes stablecoin technology to operate over 50 payment channels across Asia, Africa, and the Middle East, serving more than 1,000 small and medium-sized enterprises in 125 countries, with an annual transaction volume exceeding $32 billion.