Fasset has reached a valuation of US$1 billion after securing US$68 million in Series C financing led by SBI Group, one of Japan’s major financial institutions. The latest funding brings the company’s total capital raised during 2026 to US$119 million and supports its continued international expansion. The milestone also marks an important development for Fatima Gobi Ventures (FGV), which co-led Fasset’s US$22 million Series A in 2022 alongside New York based Liberty City Ventures, making Fasset the first unicorn in a Pakistan focused fund managed by FGV.
Fasset, founded in 2019 by Mohammad Raafi Hossain and Daniel Ahmed, has expanded significantly since its early funding round. The company currently reaches 125 countries and operates more than 3 million wallets while serving over 1,000 enterprise clients. Its financial infrastructure processes more than US$40 billion annually through its rails, while revenue has increased approximately six times year-on-year. The company is also profitable, according to the information provided, marking a substantial progression from the early stage business that attracted venture capital backing in 2022.
The company was established around the challenge of financial access and movement of money across emerging markets. Its founders identified difficulties associated with cross-border transactions, including high costs, slow settlement and dependence on correspondent banking networks. Fasset developed its OWN Network as a regulated financial network connecting banks, telecommunications companies, payment providers, liquidity providers and settlement partners across international markets. The network links blockchain networks with more than 100 banking corridors and uses stablecoin settlement in areas where conventional financial infrastructure can be slower.
Fasset has developed its network through regulatory approvals and licences across different markets rather than introducing the infrastructure as a single cross-border operation. The company holds regulatory approvals across the United Arab Emirates, European Union, Türkiye, Indonesia and parts of Asia. These approvals allow Fasset to operate as regulated financial infrastructure in the relevant markets. The company’s current expansion is therefore built around establishing regulated operations and financial connections across multiple jurisdictions.
The US$68 million Series C financing will support the next stage of the OWN Network’s development. Fasset plans to expand the network while increasing investment in agentic artificial intelligence systems supporting cross-border banking corridors, stablecoin settlement and tokenised asset infrastructure. The company is working towards a model that allows people to transact across different assets and payment rails. SBI Group’s participation also brings distribution capabilities alongside capital, including an existing relationship with SBI Remit that supports bank-account remittances to approximately 200 countries.
Daniel Ahmed, Co-founder of Fasset, said financial infrastructure across emerging markets remains fragmented and that addressing the issue requires more than developing another financial product. He said Fatima Gobi Ventures backed the company’s thesis at an early stage because of its experience operating in emerging markets. According to Ahmed, the original investment has developed into a partnership supporting the expansion of the OWN Network and its connections between banks, payment providers, telecommunications companies and liquidity partners across different markets.
Naiel Ikram, Partner at Fatima Gobi Ventures, said the development of Pakistan’s venture capital market should increasingly be measured by the quality and scale of outcomes produced by early investments. He said the role of venture investors is to identify strong founders early and provide them with capital, networks and support required to compete internationally. Ikram described Fasset as one example of this approach and said the objective is to see more companies from Pakistan achieve comparable international scale.
The latest funding also highlights the role of emerging-market experience in building businesses for international markets. Fasset’s initial focus included markets such as Pakistan and Indonesia, where financial fragmentation, cross-border settlement challenges and limited access to financial infrastructure remain important issues. The company has subsequently expanded the infrastructure developed around those challenges across 125 countries, demonstrating how solutions designed for emerging markets can be adapted to address similar financial requirements in multiple economies.
Yoshitaka Kitao, Representative Director, Chairman, President and Chief Executive Officer of SBI Holdings, said Fasset’s vision for easier movement of money across borders aligns with SBI Group’s digital finance strategy. He said Fasset has established a business foundation and regulatory framework across several emerging markets with long-term growth potential. SBI Group decided to lead the Series C based on its view that Fasset could serve as a financial bridge between Japan and high-growth markets worldwide, while its stablecoin based remittance and settlement infrastructure also fits within the group’s broader SBI APAC Digital Economic Zone concept.
The Fasset milestone also comes alongside other developments involving Pakistan’s venture backed technology companies. Abhi, another company backed by Fatima Gobi Ventures, is preparing to list its microfinance bank on the Pakistan Stock Exchange later this month. Another venture backed company is also reportedly pursuing a similar route to the public markets this year. Earlier, Tasdeeq, a venture backed business, completed its IPO on the Pakistan Stock Exchange, with its listing receiving 22 times oversubscription, described as the highest level in the exchange’s history.
These developments point to a gradual shift in Pakistan’s technology and venture capital ecosystem from early digitisation towards measurable business outcomes. The growth of technology adoption, the expansion of digital businesses and the development of domestic venture capital are creating opportunities for companies founded in Pakistan to pursue larger markets. Fasset’s journey demonstrates how an investment made at an early stage can eventually lead to global institutional backing and a billion-dollar valuation.
Ikram said Pakistan has the founders and talent required to build globally competitive companies, but more capital needs to be willing to support such businesses before their potential becomes widely established. He said venture capital at the early stage involves backing people and providing more than financing, including networks, judgment and patience. He added that locally rooted investors have an important role because they understand the environment in which Pakistani founders operate and can support companies as they expand beyond the domestic market.
Fasset’s progression from a US$22 million Series A in 2022 to a US$1 billion valuation following its latest Series C demonstrates the scale that can emerge when founders, early investors and international institutions remain aligned around a long-term business strategy. The company has expanded its infrastructure across more than 125 countries, developed regulatory positions in multiple markets and attracted major international financial backing. For Fatima Gobi Ventures and Pakistan’s young venture capital industry, the milestone represents a significant outcome from an early investment and adds to the growing number of technology businesses demonstrating international potential.
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