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Salam, fintech friends!
The crypto brand (and digital assets, more broadly) doesn't travel the same from one market to another. In markets with a functioning banking system, it exists almost like a solution looking for a problem and it found many, speculation being one of them, portfolio diversification being another. The list goes on.
In markets where financial infrastructure is unevenly distributed, scarce or non-existent, as is the case across Asia, Africa and the Middle East, these assets serve a different purpose entirely. That opportunity, to leverage digital assets as a way to move those excluded up the financial hierarchy, is immense and this week, it was quantified as a unicorn.
Fasset raised $68 million in Series C funding led by Japan's SBI Group, at a $1 billion valuation, three months after closing its Series B. The company reached this milestone on settlement, with $40 billion in annualized volume moving through regulated corridors across 125 countries. This places Fasset among a small group of crypto-adjacent startups that reached unicorn status through payments-focused business models rather than exchange or trading volume.
That's the headline. Now here's everything else.
- Maria
The Rundown
💸 Fundraises & Exits
Fasset, UAE-based stablecoin-powered digital banking platform, closed a $68 million Series C funding round at a $1 billion valuation
XSquare, a UAE-based B2B payment orchestration platform, raised pre-seed funding led by Raed Ventures
Tax Star raised $1.75 million in seed funding
Egypt’s Wilzy Holding, a digital wealth management platform, secured an investment for an 8.8% stake from eFinance for Digital and Financial Investments
Naran, a UAE-based fleet financing platform, raised $10 million in equity and debt financing from Landel.
🚀 Partnerships and Product Launches
Binance launched Agent OS: a developer platform connecting AI applications to its trading, market data, wallet, payment and on-chain tools
Telr partnered with Jordan’s Jet to power the quick-commerce platform’s payment ecosystem
TerraPay collaborated with Deutsche Bank to strengthen its settlement infrastructure and improve cross-border payments.
🏛️ Policy & Regulation
The Central Bank of Egypt (CBE) introduced new rules governing its Digital Financial Identity platform
Syria’s Central Bank adopted a licensing framework for e-payments, e-money and payment system operators
The CBE granted Commercial International Bank preliminary approval to establish yomo, an Egypt-based digital bank
Dubai’s Virtual Assets Regulatory Authority (VARA) approved Arbeat Group’s Virtual Asset Service Provider license
Egypt’s Financial Regulatory Authority licensed Wayak for consumer finance services and CFH Asset Management for portfolio management
🗂️ Other News
BNP Paribas received a regional HQ license in Saudi Arabia
The US Treasury’s Office of Foreign Assets Control sanctioned UAE crypto exchange, Shelbit
Saudi’s Pinnacle introduced a new venture capital fund targeting growth-stage and secondary investments in Saudi
SAB Invest launched the SAB Invest Global Select Equity Fund
NeoVentures and e& Capital invested in UK-based trade finance platform, Traydstream
Fun Stuff
🤓 Trivia of the week
Fasset just joined the unicorn club. Which company became MENA's first fintech unicorn, and in what year?
(Answer at the bottom of the issue.)
Editor’s Picks
That’s the last 2 weeks of fintech news from around the Middle East and North Africa for you.
Until next time, salam ✌🏼
1 Trivia Answer: tabby, in November 2023, when its $200 million Series D valued it at $1.5 billion, making it the GCC's first fintech unicorn. It's since tripled that valuation, and the club has grown to include Tamara, MNT-Halan, and now Fasset.
