Fatima Gobi Ventures’ Early Bet on Fasset Pays Off as Fintech Reaches US$1 Billion Valuation

Fatima Gobi Ventures (FGV) has reached a major milestone in Pakistan’s venture capital landscape after its early investment in Fasset helped back a fintech company that has now achieved a US$1 billion valuation.

Fasset reached the milestone after raising US$68 million in a Series C funding round led by Japan’s SBI Group. The latest financing brings the company’s total capital raised during 2026 to US$119 million and supports its continued international expansion.

The scale of Fasset’s business has grown significantly since its early funding rounds. The company now operates across 125 countries, with more than 3 million wallets and over 1,000 enterprise clients.

Fasset also processes more than US$40 billion annually through its financial infrastructure. Its revenue has reportedly increased around sixfold year-on-year, while the company has reached profitability.

The journey began in 2019, when Fasset was founded by Mohammad Raafi Hossain and Daniel Ahmed. In 2022, the company raised a US$22 million Series A co-led by New York-based Liberty City Ventures and Pakistan-focused Fatima Gobi Ventures.

That early investment has now produced a significant outcome for Pakistan’s relatively young venture capital industry. Fasset’s unicorn status represents a first for a Pakistan-focused fund managed by FGV.

Fasset was created around a challenge common across emerging markets: moving money internationally can be slow, costly and difficult because financial systems remain fragmented across borders.

The company developed OWN Network to address this challenge. The regulated financial network connects banks, telecom companies, payment providers, liquidity providers and settlement partners across international markets.

The network connects blockchain infrastructure with more than 100 banking corridors. It also uses stablecoin settlement in markets where traditional financial systems can create delays, allowing customers to access financial services without managing the underlying technology themselves.

Fasset has built this infrastructure gradually through regulatory approvals in different markets. Its approvals span the UAE, European Union, Türkiye, Indonesia and parts of Asia, allowing the company to operate as regulated financial infrastructure.

The new Series C funding is expected to support the next phase of this expansion. Fasset plans to further develop OWN Network while increasing investment in agentic artificial intelligence systems for cross-border banking corridors, stablecoin settlement and tokenised asset infrastructure.

SBI Group’s involvement also brings potential distribution opportunities alongside investment. The Japanese financial group already has a partnership with SBI Remit that supports bank-account remittances to approximately 200 countries.

For Fatima Gobi Ventures, the Fasset outcome illustrates the importance of backing ambitious founders at an early stage. FGV co-led Fasset’s Series A at a time when the company was still developing its thesis around regulated digital financial infrastructure for emerging markets.

Naiel Ikram, Partner at Fatima Gobi Ventures, said the real measure of a young venture market is not simply the size of investment checks but the quality and scale of the companies those investments help build.

Fasset’s growth also offers a broader lesson for Pakistani startups. Building for an emerging market does not necessarily mean limiting a company to that market. Local knowledge can instead become an advantage when founders tackle problems shared by economies around the world.

The company initially focused on markets including Pakistan and Indonesia. Its infrastructure has since expanded to serve customers and partners across 125 countries, attracting major institutional backing from Japan.

The development is significant for Pakistan’s technology and startup ecosystem. A domestic market of more than 240 million people can provide a foundation for startups, but companies with globally transferable solutions can pursue much larger opportunities.

Fasset is also part of a wider series of milestones emerging from Pakistan’s technology and venture capital sectors. Other FGV-backed businesses, including Abhi, are moving toward public-market opportunities, while venture-backed company Tasdeeq has already completed an IPO that reportedly attracted record PSX oversubscription of 22 times.

These developments suggest that Pakistan’s digital economy is gradually moving from technology adoption and startup formation toward measurable commercial outcomes.

For local investors and founders, Fasset’s US$1 billion valuation provides an example of what long-term venture backing can produce when capital, networks and founder ambition come together.

The milestone also strengthens the case for Pakistan-focused investors to identify globally scalable businesses early and support them through multiple stages of growth.

Fasset’s journey from a 2022 Series A investment to a US$1 billion valuation demonstrates how a startup founded around emerging-market challenges can develop into a global financial technology company. Its expansion across more than 125 countries represents a significant milestone not only for Fasset, but also for Pakistan’s evolving venture capital ecosystem.