Fasset Islamic

What Fasset Islamic does

Fasset Islamic is a stablecoin-powered Islamic digital bank headquartered in Dubai (operating as Fasset FZE, a UAE Free Zone Establishment) and founded in 2019. The company offers a mobile super-app that combines USD banking, global payments, stablecoin storage and transfers, and Shariah-certified investing in tokenized commodities and fractional stocks within a single interest-free account, targeting individuals seeking borderless, Islamic-compliant financial services across 125+ countries. The platform has reportedly created 2M+ wallets and is accepted at 150M+ merchants globally via its Visa-issued metal debit cards (Edge tier live; Select, Elite, and Reserve tiers in 'coming soon' status) with rewards denominated in OWN points and USDT cashback.

The company's core technology is stablecoin-based financial infrastructure integrated with the Visa payments network, complemented by tokenized real-asset products (gold and silver) and a fractional stock investment platform. Beyond the consumer app, Fasset operates three enterprise lines: Fasset Engine API for institutional transaction processing, an OTC desk positioned as the largest in the Middle East for large-volume trading, and Fasset Business for corporate banking needs. The company earns revenue through card transaction fees, investment platform fees, OTC trading, enterprise API subscriptions, and business account services, with a freemium consumer model and tiered premium card offerings. Strategic partnerships with Tether (stablecoin infrastructure) and Visa (payments network) anchor the platform, supported by an extensive rewards partner ecosystem spanning entertainment, dining, travel, and retail brands. Fasset raised US$51M in 2024 to scale its infrastructure globally.

Name

Fasset Islamic

Legal name

Fasset FZE

Website

https://fasset.io

Company type

Private

Founded year

2019

Operating status

Operating

Short description

Fasset Islamic is a stablecoin-powered Islamic digital bank offering a mobile super-app for interest-free savings, spending, investing, and global payments. It serves 2M+ users across 125+ countries with Shariah-certified tokenized commodities, fractional stocks, and Visa-issued metal debit cards.

Ownership category

akta.pro rank

Product category

Islamic Digital Banking

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (5232), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Islamic Retail Banking (FSABAGAA)

akta.pro secondary industries

Islamic Corporate Banking (FSABAGAC), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Islamic digital banking
• Stablecoin payments
• Shariah-compliant investing
• Tokenized commodities
• Cross-border finance

Headquarters

HQ city

Dubayy

HQ country

United Arab Emirates

HQ region

Middle East

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Card Transaction Fees: Revenue generated from card usage at merchants globally. The platform accepts Visa at 150M+ merchants worldwide.
2. Investment Platform: Fees from facilitating investments in tokenized gold/silver, fractional stocks, digital assets, and commodities through the platform.
3. OTC Trading Services: Revenue from the largest OTC desk in the Middle East, serving institutional clients with large transaction capabilities.
4. Enterprise API Services: B2B revenue from Fasset Engine API access for institutional clients requiring programmatic access to payment infrastructure.
5. Business Account Services: Revenue from business accounts providing banking, payments, and financial management services to enterprise clients.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Fasset Islamic operates a stablecoin-powered Islamic digital bank delivered through a mobile super-app that combines interest-free USD banking, global payments, stablecoin storage and transfers, Shariah-certified tokenized commodities (gold/silver), and fractional stock investing in a single multi-asset account. The platform also serves enterprise clients via the Fasset Engine API, an over-the-counter (OTC) trading desk, and a dedicated Fasset Business banking solution, with Visa-branded debit cards (Edge, Select, Elite, Reserve tiers) accepted at 150M+ merchants worldwide.

Product overview

Fasset Islamic is a stablecoin-powered Islamic digital bank operating in 125+ countries with 2M+ wallets. The core offering is the Fasset Digital Bank App — a unified mobile banking platform combining USD banking, global payments, stablecoins, and Shariah-certified investing (tokenized commodities and fractional stocks) in a single interest-free account. The product portfolio is organized into three enterprise tiers: the Fasset Engine API for institutional API-based transaction processing, the OTC Desk (described as the largest in the Middle East) for large-volume institutional trading, and Fasset Business for enterprise clients. Consumer-facing products include four tiers of metal debit cards (Edge available now; Select, Elite, and Reserve coming soon) offering progressive OWN points cashback and USDT rewards, accepted at 150M+ merchants worldwide via Visa. Fasset also offers a dedicated Fasset x Tether stablecoin collaboration.

Differentiator

Problem solved

Functional benefit

Brands

• Fasset Card: Metal and premium credit cards (Edge, Select, Elite, Reserve tiers) offering cashback and rewards
• Fasset Engine API
• OTC Desk
• Fasset Business
• Fasset x Tether
• OWN Points

Products and services

• Fasset Digital Bank App
• Fasset Card
• Fasset Engine API
• OTC Desk
• Fasset Business
• Tokenized Commodities
• Fractional Stock Investing

Quantifiable outcome

• 2M+ wallets created
• +3 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• TethercoreTechnology or IntegrationStrategic partnership providing stablecoin infrastructure. Fasset x Tether is a dedicated landing page (tether.fasset.io) indicating deep integration with USDT stablecoin for the platform's Islamic-compliant banking services.
• VisacoreTechnology or IntegrationCard network partnership enabling Fasset cards to be accepted at 150M+ merchants worldwide. Multiple card tiers (Edge, Select, Elite, Reserve) operate on Visa network with premium protections.
• Disney+minorGTM or Marketing PartnerRewards partner in entertainment category, allowing users to earn rewards on Disney+ subscriptions through Fasset spending.
• NetflixminorGTM or Marketing PartnerRewards partner in entertainment category for Fasset users.
• StarbucksminorGTM or Marketing PartnerRewards partner in dining category for Fasset users.
• McDonald'sminorGTM or Marketing PartnerRewards partner in dining category for Fasset users.
• AmazonminorGTM or Marketing PartnerRewards partner for shopping/lifestyle category including Amazon Fresh grocery delivery and general Amazon shopping.
• EmiratesminorGTM or Marketing PartnerTravel rewards partner in the airline category for Fasset users.
• UberminorGTM or Marketing PartnerTravel rewards partner for transportation services.
• CareemminorGTM or Marketing PartnerMiddle East-focused travel and lifestyle rewards partner.
• Booking.comminorGTM or Marketing PartnerTravel rewards partner for hotel accommodations.
• AirbnbminorGTM or Marketing PartnerTravel rewards partner for accommodation bookings.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Al Rajhi Bank: Largest Islamic bank by assets globally, expanding rapidly into digital channels across MENA. Comparable on Islamic-compliant banking serving Muslim-majority consumer and business segments, though a traditional incumbent rather than digital-native.
• Wise: Multi-currency consumer and business account provider specializing in low-cost cross-border payments. Comparable on borderless multi-currency wallets serving globally distributed consumers, though focused on FX rather than crypto or Islamic finance.
• N26: European mobile-first neobank offering consumer accounts, cards, and a growing investment product suite. Comparable on app-led digital banking with tiered card programs, though without crypto or Islamic specialization.

Direct peers

• Wirex: Crypto-friendly payments platform with multi-currency wallet and Visa debit cards enabling spending of crypto and stablecoins at global merchants. Closely comparable on stablecoin-funded card proposition targeting borderless consumers.
• Revolut: Global multi-currency digital bank offering consumer cards, crypto trading, and cross-border payments in 100+ countries. Directly comparable on multi-asset super-app model, though Fasset differentiates on Islamic compliance.
• Binance: World's largest crypto exchange with its own branded Visa debit card and integrated payments, investing, and OTC services. Comparable on crypto-native super-app positioning with card-led consumer monetization.
• Wio Bank: UAE-based digital banking platform offering consumer and business accounts with integrated payments and investments. Comparable on UAE digital-bank domicile and super-app/multi-product model.
• Crypto.com: Crypto exchange offering metal Visa cards with tiered cashback paid in its native token, plus a mobile super-app for trading, payments, and investing. Strong analog on tiered metal-card product and rewards-driven consumer model.
• Zand Bank: UAE-headquartered fully digital, Shariah-compliant bank serving retail and corporate clients with API-first banking. Most directly comparable peer given shared UAE base, Islamic-compliance focus, and digital-first positioning.

Others

• Marqeta: Card-issuing infrastructure provider powering many fintech debit and credit programs globally. Comparable as enabling infrastructure layer behind tiered metal card products with cashback programs.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/fasset
• YouTubeyoutube.com/@fassetofficial
• LinkedInlinkedin.com/company/fassethq
• Instagraminstagram.com/fasset_official

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fasset Islamic