Stablecoin neobank Fasset raised $68 million in a Series C funding round led by Japan's SBI Group, reaching a private valuation of $1 billion on August 24. According to reports, the financing valued Fasset at $1 billion and lifted its 2026 fundraising to $119 million. The round included participation from early investor Speedinvest and other strategic investors, following the company's $51 million Series B round in May. The $1 billion valuation was established through the private funding transaction, though Fasset did not disclose the equity stake sold, the full investor list, or other financial terms. As per Business Wire, this financing marks Fasset's entry into the global fintech unicorn category.
Fasset co-founder and CEO Mohammad Raafi Hossain reported that revenue has grown approximately sixfold from the previous year, with the company remaining profitable for 12 consecutive months. The company now processes annualized transaction volume exceeding $40 billion across customers operating in 125 countries worldwide, up from the $32 billion processed in May. As reported, revenue currently comes from institutional and retail services including stablecoin payments and settlement, with cards and bank accounts beginning to provide additional income. The Los Angeles-based firm operates a financial platform that lets consumers and businesses hold, send, spend and invest across currencies and assets, using stablecoins for settlement. The company now serves more than 3 million wallets across 125 countries and over 1,000 enterprises globally, with its consumer, business and institutional products supported by a regulatory footprint across the GCC, Asia, Europe and other international markets.
Fasset operates Own Network, an AI-enabled Ethereum layer 2 built using Arbitrum technology that connects banks, telecommunications companies, payment firms, liquidity providers and other institutions across more than 100 banking corridors. According to reports, the network uses artificial intelligence to select payment routes, currencies, liquidity sources and settlement methods based on cost, speed and availability. The company plans to direct part of the new capital toward expanding these routing systems and connecting additional financial institutions. Fasset holds regulatory approvals in markets including the UAE, Indonesia, Malaysia, the European Union, Türkiye and Pakistan, with services varying by jurisdiction. The company is building toward a financial system where access to stable money, global markets and ownership is no longer determined by geography, with stablecoins used within parts of the network as settlement infrastructure allowing value to move between markets more efficiently.
The investment deepens a relationship established before the Series C, with Fasset and SBI Remit previously combining their infrastructure for international stablecoin payments covering remittances, business payments and treasury settlement. As reported, SBI Remit's network supported cash payouts at approximately 350,000 locations across more than 200 countries and territories, with Fasset now putting the reach at about 470,000 locations. Fasset expects to work with other businesses in SBI's portfolio, which includes digital asset interests in Ripple, Circle, blockchain company R3 and crypto liquidity provider B2C2. The funding provides access to the Japanese group's broader financial network and the company plans to use the capital to expand Own Network, develop AI routing systems, and connect additional financial institutions, with cards, bank accounts, lending and trade finance potentially becoming larger parts of its revenue mix. According to Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings, Inc., 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.
