Bangladeshi-Led Islamic Fintech Facet Secures $51 Million to Expand Stablecoin Banking
A Shariah-compliant digital banking platform led by Bangladeshi-origin entrepreneur Mohammad Rafi Hossain has secured $51 million in fresh investment to accelerate its global expansion in stablecoin-powered banking and cross-border payments.
The investment in Los Angeles-based fintech company Facet came through a Series B funding round completed on May 15, with participation from Japan’s SBI Group, Bahrain-based Investcorp and Turkish asset management firm RZ Portfoy.
Industry observers say the funding marks one of the largest investments so far in the global neobanking and cross-border payments sector led by a Bangladeshi entrepreneur.
Built on blockchain infrastructure, Facet provides banking and payment services using stablecoin technology to enable faster and lower-cost international money transfers compared with conventional banking systems. The platform currently operates across more than 50 payment corridors spanning Asia, Africa and the Middle East.
Recently, Facet also launched a gold-backed neobanking card in partnership with Tether Limited, the issuer of the world’s largest stablecoin USDT.
The newly raised funds will be used to expand the company’s proprietary infrastructure, known as the “Own Network,” enter new markets and introduce lending and trade financing services for small businesses.
Stakeholders believe the company’s blockchain-based infrastructure could particularly benefit freelancers, remote workers and small entrepreneurs in countries like Bangladesh, where limitations in international payment systems often result in higher transaction costs and delays in receiving payments from overseas clients.
According to the company, its annual transaction volume surpassed $32 billion last year, while more than 1,000 small and medium-sized enterprises worldwide are currently using its services.
“Our goal is to build a financial system where money can move across borders as seamlessly as information,” said Facet Co-founder and CEO Mohammad Rafi Hossain. “This new investment will significantly strengthen our ability to expand regulated banking services and reach key markets globally.”
Mohammad Rafi Hossain studied environmental economics and sustainable development at University of California, Berkeley and Harvard University. He has also worked in ethical development initiatives across the Middle East and North Africa and previously served as an adviser to the Prime Minister’s Office of the United Arab Emirates.
//DBTech/PO/EK//
