Fasset Reaches Unicorn Status with $68m Series C Led by SBI

Fasset, an Islamic neobank focused on digital assets, has raised $68 million in its Series C funding round led by SBI. The investment values the company at $1 billion, making it a unicorn just 90 days after its previous venture capital raise.

The total funding for Fasset now stands at over $150 million, including a $51 million Series B round closed in May. Other investors participating in this round include Investcorp, Arz Portföy, and Speedinvest, along with several company partners.

Fasset's CEO, Mohammad Raafi Hossain, believes that the current banking system is broken and requires a complete overhaul. He plans to invest the Series C cash in scaling the company's Own Network solution, which utilizes Ethereum Layer-2 blockchain technology on Arbitrum and integrates USD stablecoins into its settlement infrastructure.

Fasset aims to use this investment to develop agentic AI capabilities that will support corridor banking, stablecoin settlement, and tokenized asset infrastructure. The company already uses such technology to enhance transaction routing based on factors like cost, availability, and speed.