Remittance money keeps the entire economy of Bangladesh alive. Expatriate workers sent $2.148 billion home during the first 22 days of August 2026 according to Bangladesh Bank. That represents a 25.6 percent jump compared to the same timeframe in 2025. Total remittance inflows reached $5.006 billion between July 1 and August 22. Still, moving this cash across borders remains painful for ordinary families. Traditional correspondent banks charge steep fees and take days to clear simple wire transfers. But global venture capital is moving fast to bypass these friction-heavy pipelines. Stablecoin platform Fasset stepped directly into that gap, reaching a $1 billion valuation after securing a $68 million funding round led by Japan’s SBI Group.
Behind Fasset’s Curtains
Sending money abroad usually feels like waiting in line at a crowded bank counter. Fasset turns that slow process into a simple tap on a smartphone screen. Bangladeshi-born entrepreneur, Mohammad Raafi Hossain and British co-founder Daniel Ahmed built this financial app to make cross-border transfers simple. The company secured $119 million in new funding in 2026 alone. That milestone pushes its total funding past $150 million. To everyday customers, the platform works just like a standard mobile banking app. People can store money in different currencies, send cash to family overseas and spend it with a debit card. Behind the screen, the app converts the money into digital US dollars to move it across borders instantly and cheaply. Customers never have to buy cryptocurrency or learn complicated tech terms. As Mohammad Raafi Hossain explained, Fasset users simply manage their everyday money while digital dollars handle the heavy lifting quietly in the background.
The financial numbers of Fasset show vast scale. Fasset now processes over $40 billion in annualized transaction volume and serves more than 3 million wallets and 1,000 enterprise customers across 125 countries. The company has maintained twelve straight months of profitability, with annual revenue expanding sixfold during the past year. Its proprietary system, Own Network, links more than 100 banking corridors across 16 blockchain networks. A direct partnership with SBI Remit connects these digital rails to 470,000 cash pickup points across 200 countries. For SBI Group, the investment represents a strategic alliance. “Fasset’s vision of a world in which money moves across borders as easily as information does point in the same direction as the on-chain economic zone that the SBI Group seeks to realise through digital finance,” said Yoshitaka Kitao, Chairman and CEO of SBI Holdings. “It was therefore in the conviction that Fasset can serve as an important financial bridge connecting Japan with high-growth markets around the world that we decided to lead this round.”
What’s Next for the New Unicorn
Fasset is already licensed and operational in key markets across the globe. The company holds formal regulatory approvals in the United Arab Emirates, Indonesia, Malaysia, Pakistan, Turkiye and across the European Union. Its Sharia-compliant model gives it strong traction across the Middle East and Southeast Asia.The company is now preparing its next expansion phase into new corridors across Asia, Africa and the Americas. Fasset plans to launch small business lending, trade finance and automated savings tools. It is also rolling out gold-backed payment cards and ATM support in partnership with Tether.
Mohammad Raafi Hossain aims to break geographic barriers completely. He stated that the next phase focuses on any-to-any banking. The company wants to connect any person to any person and any asset to any asset across any payment rail. The founder believes the traditional banking system is fundamentally broken. He explained that it is not enough to build another glossy front app on outdated bank wires. Fasset is investing deeper into local licensing and building smart software so digital money can move on its own across borders.The technology to move capital instantly across continents is ready, but bringing that access to every corner of the world remains an ongoing challenge.
For more updates, be with Markedium.
Leave a comment