Fatima Gobi Ventures and Fasset: From an Early Bet to a US$1B Global Fintech

Fasset, a fintech company founded in 2019 by Mohammad Raafi Hossain and Daniel Ahmed, has reached a valuation of US$1 billion following a US$68 million Series C round of funding led by SBI Group. The company now operates in 125 countries, has over 3 million wallets, and processes over US$40 billion annually. Revenue has increased sixfold year-on-year, and the business is now profitable.

In early 2022, Fasset was founded with a US$22 million Series A led by Liberty City Ventures and Fatima Gobi Ventures (FGV), both based in Pakistan. The company's mission is to address the challenges of moving money across borders in emerging markets, where traditional correspondent banking chains are slow and expensive. To overcome these obstacles, Fasset created the OWN Network, a regulated financial network that connects banks, telecom companies, payment providers, liquidity providers, and settlement partners across international markets.

By leveraging stablecoin settlement in regions where the traditional chain is slowest, Fasset enables customers to access financial products without managing underlying infrastructure. The Series C funding will support the expansion of the OWN Network and investment in agentic AI systems for cross-border banking corridors, stablecoin settlement, and tokenized asset infrastructure.

SBI Group's involvement provides distribution and capital, including a partnership with SBI Remit that supports bank-account remittances to approximately 200 countries. FGV's early conviction in the founders and their vision was crucial in helping Fasset become a unicorn in Pakistan's young venture industry.