Lahore-Born Co-Founder Daniel Ahmed’s Fasset Hits $1B Valuation as SBI Group Leads $68M Series C

Fasset, the AI-powered stablecoin neobanking platform co-founded by Lahore-born entrepreneur Daniel Ahmed, today confirmed it has raised $68 million in Series C funding at a $1 billion valuation.

Key points

• After raising Series B in May, Fasset has now raised a total of $119 million in 2026.
• Fasset now processes more than $40 billion in annualized transaction volume, serving more than 3 million wallets throughout 125 countries and over 1, 000 enterprises globally.
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• Fasset Co-Founder Daniel Ahmed was born in Lahore, making Fasset one of the few global fintech unicorns with Pakistani roots at the founder level.
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Meanwhile, the new capital will backing the expansion of Own Network, Fasset's regulated financial network that connects banks, telcos, payment and liquidity providers to enable settlement throughout international markets. Fasset will additionally rise investment in agentic AI-enabled systems supporting corridor banking, stablecoin settlement and tokenized asset infrastructure.

After raising Series B in May, Fasset has now raised a total of $119 million in 2026. The financing marks Fasset's entry into the global fintech unicorn category.

"Fasset's vision of a world in which funds moves throughout borders as easily as information does points in the same direction as the on-chain economic zone that the SBI Group seeks to realize through digital finance. Fasset has already built a solid business foundation and a robust regulatory framework in a number of emerging markets with significant long-term expansion potential. It was therefore in the conviction that Fasset can serve as an significant financial bridge connecting Japan with high-growth markets worldwide that we decided to lead this round. Within the SBI Group's "SBI APAC Digital Economic Zone" concept as well, an international remittance and settlement infrastructure built on stablecoins is a core component. Together with Fasset, we will advance the development of the next generation of on-chain financial systems, extending from the Asia-Pacific region to the Middle East and Africa, " remarked Yoshitaka Kitao, Representative Director, Chairman, President & CEO, SBI Holdings, Inc.

Meanwhile, the investment expands Fasset's relationship with SBI Group, one of Japan's leading comprehensive financial groups, spanning banking, securities, asset management, and private equity, with investments in firms including Ripple, Circle, and Morpho, and in group businesses including B2C2.

"The next phase is regarding any-to-any banking. Any person to any person. Any asset to any asset. Any rail to any rail, anywhere. We built Fasset to address a simple difficulty: access to financial opportunity still depends too heavily on where someone lives and the financial system available to them, " stated Mohammad Raafi Hossain, Co-Founder and CEO of Fasset. "The banking system is broken. It's not enough to build another financial front on current rails. We are investing deeper into the stack, from licenses in emerging markets to enabling agentic payments, to rebuild the way we do banking from the ground up."

"Having SBI Group lead this round speeds up our ability to serve the world by having access to the wider SBI financial ecosystem and their partners, including our previously announced partnership with SBI Remit, enabling us to leverage an extensive network that supports bank account remittances to approximately 200 countries."

"Fasset is building the regulated infrastructure that helps individuals and businesses in expansion markets access stablecoins, global assets and cross-border rails. That access is still too often shaped by geography. Raafi, Daniel and the team are changing that, and we are proud to have continued backing Fasset as it scales globally, " remarked Stefan Klestil, General Partner at Speedinvest. A Unicorn With Lahore Roots.

Meanwhile, the milestone carries particular resonance in Pakistan. Fasset Co-Founder Daniel Ahmed was born in Lahore, making Fasset one of the few global fintech unicorns with Pakistani roots at the founder level. The announcement comes days after the Pakistan Virtual Assets Regulatory Authority (PVARA) notified the country's first Virtual Asset Services Regulations, formally opening the licensing regime for the sector.

The banking system most individuals inherit is broken, and it's not enough to bolt a new front-end onto the same old rails. What we're building is genuinely interoperable – someone should be able to send value from Malaysia to Pakistan, from Japan to the US, and everywhere in between, on the same rails, without it feeling like five different systems stitched together.

I saw early on how much of what a person can build depends on the financial system they happen to be born into, rather than on their ambition or work ethic. That's the challenge we are solving at Fasset – making sure a real stake in your own future doesn't depend on your passport or your postcode, remarked Daniel Ahmed, Co-Founder and COO of Fasset. Building a Financial System Around Ownership.

Fasset provides financial access that allows customers to receive, hold, move, spend and invest throughout currencies, markets and asset classes.

Underpinning those products is Own Network, Fasset's financial infrastructure connecting local banking systems, payment providers, financial institutions, telcos, liquidity providers, custody partners and settlement networks throughout more than 100 banking corridors.

Stablecoins are applied within parts of the network as settlement infrastructure, allowing value to move between markets more efficiently where appropriate. Customers interact with Fasset through financial products and accounts rather than needing to manage the underlying settlement infrastructure themselves.

Notably, the firm uses AI to improve how transactions are routed throughout payment rails, currencies, liquidity providers, and settlement methods, based on factors including cost, speed, and availability.

Fasset is built around a simple conviction: where someone is born should not determine the quality of funds they can hold, the markets they can access or the assets they can own. The firm is not building another interface on top of the existing financial system. It is building the infrastructure intended to replace it. Scaling Global Infrastructure: $40B Annualized Volume.

Its consumer, business and institutional products are backed by a regulatory footprint throughout the GCC, Asia, Europe and other international markets. Stay Connected with ProPakistani.

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Taken together, the developments around lahore-Born Co-Founder Daniel Ahmed's Fasset Hits $1B Valuation as SBI Group Leads point to a situation that is still moving, and the coming days should bring more clarity.