Fasset
Fasset is a Dubai-headquartered, stablecoin-powered digital bank serving underbanked consumers, SMEs, and Islamic investors across 125+ countries via its Own Network L2 blockchain, mobile app, Visa cards, OTC desk, and enterprise API.
- Company typePrivate
- Founded2019
- HeadquartersDubai, United Arab Emirates
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Fasset does
Fasset is a Dubai-headquartered, stablecoin-powered digital banking platform founded in 2019 that serves underbanked consumers, SMEs, and Islamic investors in emerging markets across 125+ countries, with 2M+ wallets and approximately $32B in annualized transaction volume. Its product surface spans a consumer mobile app (Fasset App), a tiered metal Visa card portfolio (Edge, Select, Elite, Reserve) including a co-branded gold-backed card with Tether, a virtual USD card, an institutional OTC desk (minimum $25,000 per trade), an enterprise API (Fasset Engine), and an upcoming Fasset Business platform for SMEs.
The company is built on its proprietary Layer-2 blockchain, the Own Network, designed for real-world asset tokenization and Shariah-compliant finance, with institutional custody provided by Fireblocks' MPC infrastructure and Shariah screening via Musaffa. AI is positioned as an embedded layer across compliance, risk, payments orchestration, and remittance optimization (notably through the SBI Remit MoU), though technical depth of the AI stack is not publicly disclosed.
Fasset generates revenue through a mix of transaction-based and usage-based streams: a 9.99 USDT one-time card issuance fee plus future transaction fees, OTC spreads on institutional trades, spreads on Earn and staking products (up to 8–10% APY/AAPR), SME business account fees from 1,000+ clients, and usage-based enterprise API and infrastructure revenue. The company is regulated by Dubai's VARA (Broker-Dealer license since Nov 2023), holds a Labuan FSA sandbox approval for Islamic digital banking, and is SOC 2 Type II and ISO 27001/27017/9001 certified. Fasset raised a $51M Series B in May 2026 co-led by SBI Group, Investcorp, and Arz Portföy, following approximately $26.7M in prior funding.
Fasset firmographics
Firmographics- Name
- Fasset
- Legal name
- Fasset FZE
- Website
- https://fasset.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Fasset is a Dubai-headquartered, stablecoin-powered digital bank serving underbanked consumers, SMEs, and Islamic investors across 125+ countries via its Own Network L2 blockchain, mobile app, Visa cards, OTC desk, and enterprise API.
- Ownership category
- akta.pro rank
Fasset industry classification
Industry- Product category
- Digital Banking
- NAICS
- Depository Credit Intermediation (5221), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Crypto/Web3 Neobanks (FSABAFAG)
- akta.pro secondary industries
- Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF)
Keywords
Where Fasset is headquartered
LocationHeadquarters
- HQ city
- Dubai
- HQ country
- United Arab Emirates
- HQ region
- Middle East
Offices6 records
Markets served
Fasset business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure, Others
Revenue model
- Card Issuance & Transaction Fees: One-time card issuance fee of 9.99 USDT per card, plus transaction and FX fees when the promotional zero-fee period ends; ongoing revenue stream from card spend.
- OTC Desk Spread & Fees: Spread and fees earned on OTC trades of digital assets, with a minimum transaction size of $25,000 targeting institutional and high-net-worth clients.
- Enterprise API & Infrastructure Services: Usage-based and licensing revenue from fintechs and businesses (e.g., Whizmo) building on Fasset's stablecoin and tokenization infrastructure.
- Yield Spread on Earn Products: Spread earned on customer funds deployed in Earn products offering up to 8–10% APY through asset-backed yield programs.
- Business / SME Account Fees: Recurring fees from the 1,000+ SME business clients using Fasset's borderless USD accounts and payment infrastructure.
- Staking & Asset-Backed Yield Spread: Spread on staking services offering estimated ~10% APR and asset-backed yield products (up to 8%).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Pay-as-you-go | Free to start; 9.99 USDT one-time card issuance; no transaction fees during promo |
| Transaction based/ take rate | Pay-as-you-go | OTC Desk: $25,000 minimum per transaction |
| Usage-based | Pay-as-you-go | Earn up to 8% APY (asset-backed yield) |
| Usage-based | Pay-as-you-go | Earn up to 10% APY (general yield) |
| Usage-based | Pay-as-you-go | Stake crypto: estimated ~10% APR |
| Usage-based | Multi-year contract | Enterprise API pricing not publicly disclosed |
Go-to-market motion4 records
Distribution channels4 records
Marketing channels5 records
Fasset product offering
Product offeringCore offering
Fasset operates a stablecoin-powered neobank offering borderless USD accounts, cross-border payments across 50+ corridors, crypto on/off-ramps, Shariah-compliant interest-free banking, and Visa debit card products. Its proprietary Own Network Layer-2 blockchain and AI-enabled financial infrastructure underpin consumer mobile banking, an enterprise API (Fasset Engine API), an institutional OTC Desk, and SME/business banking services for users in 125+ countries.
Product overview
Fasset operates a unified borderless crypto banking platform consisting of multiple integrated products. The core Fasset App serves as the consumer-facing mobile application for retail banking, investment, and crypto services. Layered on top, the Fasset Card (Edge, Select, Elite, Reserve tiers) and the Fasset Virtual Card provide debit and prepaid card payment functionality, while the upcoming Fasset Business extends the same platform to SMBs and enterprises. The Fasset Engine API offers enterprise and partner access to Fasset's regulated crypto, banking, payments, and tokenization infrastructure. All of these are powered by Fasset's proprietary Own Network, an AI-enabled Ethereum Layer 2 blockchain serving as the underlying rail for real-world asset tokenization and Islamic finance settlement. The Fasset OTC Desk serves institutional clients, and the Fasset x Tether Gold-Backed Visa Card (launched with Tether) represents a flagship partnership-enabled product. The Zakat Calculator is a Shariah-compliance add-on integrated with the Fasset App.
Differentiator
Problem solved
Functional benefit
Brands
- Fasset Card: Crypto-backed Visa payment card for everyday spending, including Edge, Select, Elite, and Reserve tiers.
- Fasset Business
- Fasset Engine API
- Fasset OTC Desk
- Own Network
- Fasset x Tether
- Frost
Products and services
- Fasset App Consumer-facing mobile crypto banking and investment application providing borderless USD accounts, crypto on/off-ramps, payments, and Shariah-compliant financial services to retail users in 125+ countries.
- Fasset Card Premium metal Visa debit card with multiple tiers (Edge, Select, Elite, Reserve) offering OWN points and USDT cashback rewards, with tap-to-pay functionality accepted at 150M+ merchants worldwide.
- Fasset Virtual Card Prepaid digital USD card supporting USDT top-up (1 to 5,000 USDT per transaction, 2,000 USD daily spending limit) with Apple Pay and Google Pay support and 9.99 USDT activation fee.
- Fasset Business All-in-one business banking platform for SMBs and enterprises providing business accounts, payments, treasury, and investment services; targeting an existing base of 1,000+ SME clients.
- Fasset OTC Desk Over-the-counter (OTC) trading desk serving institutional and high-net-worth clients for large-volume digital asset trades across 200+ assets, with a $25,000 minimum per transaction.
- Fasset Engine API Enterprise-facing API providing infrastructure and building blocks for regulated crypto, banking, payments, and tokenization through one secure platform, enabling partners to build and scale next-generation financial products.
- Fasset x Tether Gold-Backed Visa Card World's first gold-backed neobanking Visa card in collaboration with Tether, backed by XAUT (Tether Gold), offering up to 6% cashback in XAUT and powered by Fasset's banking platform.
- Zakat Calculator Shariah-compliant Zakat calculator tool integrated with the Fasset App, allowing Muslim users to calculate and pay 2.5% Zakat obligations across crypto and fiat asset types.
- Own Network (Layer-2 Blockchain) AI-enabled proprietary Ethereum Layer 2 blockchain infrastructure powering Fasset's borderless crypto banking platform, designed for real-world asset tokenization and Islamic finance settlement, and powering ADI Chain for the ADI Foundation.
Quantifiable outcome
- 2M+ users/wallets onboarded across 125+ countries
- +5 more outcomes
Companies that use Fasset
Customer profileNamed customers1 record
Segments6 records
Ideal customer profiles5 records
Fasset technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration18 records
AI capability3 records
Feature6 records
Fasset partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered flagship and core.
- TetherflagshipTether is a strategic partner supporting Fasset's gold-backed Visa card offering, integrating Tether Gold (XAUt) and stablecoin rails into Fasset's card product.
- SBI RemitflagshipFasset signed an MoU with SBI Remit to co-develop remittance infrastructure, combining SBI Remit's global remittance network with Fasset's stablecoin and emerging-market banking platform.
- Habib Rafiq Limited (HRL)coreStrategic partnership to tokenize Pakistan-based real-world assets via HRL, leveraging Fasset's Own Network blockchain and Pakistan market presence (Islamabad office).
- ADI FoundationcoreTechnology/strategic partner supporting Fasset's infrastructure and ecosystem initiatives.
- MusaffaflagshipShariah screening partner — Musaffa provides Shariah compliance screening integrated into Fasset's platform to certify assets, tokens, and yield products as halal.
- TabadulatcoreStrategic partner for halal investment products, supporting Fasset's Shariah-compliant investment offerings.
- FireblocksflagshipTechnology integration providing institutional-grade custody and key management via Fireblocks' Multi-Party Computation (MPC) cryptography to secure Fasset's digital assets.
- Network InternationalcorePayments technology partner supporting card and payment processing infrastructure across Fasset's markets.
- ArbitrumcoreBlockchain infrastructure partner — Arbitrum provides the L2 technology foundation underpinning Fasset's Own Network.
- ChainalysiscoreCompliance technology partner — Chainalysis provides blockchain analytics and AML/KYC compliance for Fasset's platform.
- JumiocoreIdentity verification (KYC) partner — Jumio provides identity verification and onboarding technology for Fasset users.
- SiftcoreTrust and safety / fraud prevention technology partner integrated into Fasset's platform.
- ComplyAdvantagecoreAML/compliance technology partner — ComplyAdvantage provides sanctions screening and AML monitoring for Fasset.
Scale indicators9 records
Recent moves9 records
Expansion highlights7 records
Fasset competitors and assessment
Company assessmentDirect peers
- BitPay: BitPay is a long-standing crypto payments processor and prepaid card issuer for consumers and merchants. Competes with Fasset on crypto card spending and merchant acceptance rails.
- Alchemy Pay: Alchemy Pay is a crypto-fiat payment gateway and card issuer serving merchants and users globally, including emerging markets. Direct overlap on crypto card issuance, payments, and RWA-adjacent rails.
- Wirex: Wirex is a crypto-enabled neobank offering a multi-currency card and borderless payments across 130+ countries. It is the most direct competitor to Fasset's stablecoin-powered card and consumer banking proposition.
- Stables: Stables is a stablecoin neobank targeting cross-border workers and emerging-market users with USD spending accounts and a Mastercard debit card. Closely mirrors Fasset's target user, geography, and product stack.
- Yellow Card: Yellow Card is one of Africa's largest crypto on/off-ramp and stablecoin payments platforms serving consumers and businesses. Comparable emerging-market focus, stablecoin rails, and B2B2C distribution model.
Emerging players
- Remitly: Remitly is a digital remittance platform focused on emerging-market corridors. Relevant peer to Fasset's cross-border payments and remittance use case, though operating on traditional rails rather than stablecoins.
- Rain: Rain is a Bahrain-licensed Middle East crypto brokerage and OTC desk with a regional consumer app. Overlaps with Fasset on MENA crypto trading, OTC, and emerging-market user base.
- Sarwa: Sarwa is a MENA-focused Shariah-compliant digital investment and advisory platform. Comparable to Fasset's Islamic finance value proposition for Muslim retail investors in the GCC.
Broad incumbents
- Revolut: Revolut is a global neobank with multi-currency accounts, crypto trading, and a debit card. It is a broader incumbent competing for the same borderless-banking and crypto-card use cases Fasset targets.
- Binance: Binance is the world's largest crypto exchange with P2P payments, crypto cards, and emerging-market remittance corridors. Competes with Fasset across trading, payments, and on/off-ramp flows.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Fasset social profiles
Digital presenceFasset compliance and trust
Trust signalCompliance4 records
Fasset financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fasset leadership team
Management profileNumber of profiles
Profiles5 records
Fasset subsidiaries and ownership
Company hierarchySubsidiaries3 records
Fasset funding detail
Funding detailFunding overview
Funding rounds5 records
Investors16 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fasset M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fasset
What does Fasset do?
Fasset operates a stablecoin-powered neobank offering borderless USD accounts, cross-border payments across 50+ corridors, crypto on/off-ramps, Shariah-compliant interest-free banking, and Visa debit card products. Its proprietary Own Network Layer-2 blockchain and AI-enabled financial infrastructure underpin consumer mobile banking, an enterprise API (Fasset Engine API), an institutional OTC Desk, and SME/business banking services for users in 125+ countries.
Is Fasset a public or private company?
Fasset is a private company. It is classified as venture growth investor backed and is currently operating.
When was Fasset founded?
Fasset was founded in 2019. It employs 101 to 250 people.
Where is Fasset based?
Fasset is headquartered in Dubai, United Arab Emirates, in the Middle East region.
How does Fasset make money?
Six revenue lines are on record. Card Issuance & Transaction Fees are the primary driver. The others are OTC Desk Spread & Fees, enterprise API & Infrastructure Services, yield Spread on Earn Products, business / SME Account Fees and staking & Asset-Backed Yield Spread.
Who are Fasset's main competitors?
Direct peers on record are BitPay, Alchemy Pay, Wirex, Stables and Yellow Card. Emerging players are Remitly, Rain and Sarwa. Broad incumbents are Revolut and Binance.
Does Fasset have an API?
Yes. Fasset offers the Fasset Engine API, a partner- and enterprise-facing API that gives businesses infrastructure and building blocks for regulated crypto, banking, payments, and tokenization through one secure platform. The API suite is designed to enable enterprises to build, launch, and scale next-generation financial products globally, including trading, tokenization, payments, and banking services. Developer documentation is at www.fasset.com/enterprise/fasset-api.
What industry is Fasset in?
Fasset's product category is Digital Banking. Its primary akta.pro industry code is FSABAFAG, Crypto/Web3 Neobanks, with a secondary code of FSAMAIAG, Multi-Currency Accounts, Wallets & IBAN Services. Its NAICS code is 5221 and its SIC code is 6200.