TLDR
- Fasset raised $68 million led by Japan’s SBI Group, hitting a $1 billion valuation
- The stablecoin neobank processes over $40 billion in annualized transaction volume across 125 countries
- Revenue has grown six-fold year over year and the company has been profitable for 12 consecutive months
- Fasset runs on OWN Network, a proprietary Ethereum Layer 2 built on Arbitrum
- The firm partnered with SBI Remit, gaining access to roughly 470,000 payout locations across about 200 countries
Fasset, a Los Angeles-based stablecoin banking platform, has reached a $1 billion valuation after closing a $68 million funding round led by Japan’s SBI Group.
Fasset has entered the global fintech unicorn category.
Less than four months after our Series B, we have raised a further $68 million in Series C funding, led by SBI Group. This brings Fasset’s total funding in 2026 to $119 million.
The investment will expand Own Network and… pic.twitter.com/8c0IXNHOhi
— Fasset (@fasset_official) August 24, 2026
The raise follows a $51 million round in May, bringing Fasset’s total funding in 2026 to $119 million.
Stablecoin Payments Drive Growth
Fasset lets consumers and businesses hold, send, spend, and invest across currencies and assets. Stablecoins power the settlement layer behind the scenes, even when customers are not directly handling them.
CEO Mohammad Raafi Hossain says revenue has grown roughly six-fold year over year. The company has also been profitable for 12 straight months, though exact figures were not disclosed.
Revenue comes mainly from institutional and retail businesses, including stablecoin payments and settlement activity. Cards and bank accounts are starting to add new revenue streams too.
The platform processes more than $40 billion in annualized transaction volume across 125 countries.
Fasset runs on OWN Network, its own AI-enabled Ethereum Layer 2 infrastructure built on Arbitrum. The network links banks, telecom companies, payment firms, and liquidity providers across more than 100 banking corridors.
Customers may interact with stablecoins at several points on the platform, moving between bank accounts, payment products, or other assets while stablecoins handle settlement underneath.
SBI Partnership Expands Reach
The deal with SBI Group deepens Fasset’s access to a major Japanese financial network. SBI has a broad track record in digital assets, with investments in Ripple, Circle, and DeFi lender Morpho. The group also owns crypto liquidity provider B2C2.
Fasset already works with SBI Remit, which has a payout network spanning roughly 470,000 locations and bank-account transfers to around 200 countries.
The two companies plan to connect more payment corridors across Japan, Asia, and other emerging markets, though no specific new products or corridors have been named yet.
Fasset holds regulatory approvals in the UAE, the EU, and parts of Asia. The company is also Shariah-compliant, which is a differentiator in Middle Eastern and Southeast Asian markets.
The company has partnered with Tether to offer a gold-backed Visa card. Users can spend stablecoins including USDT and earn rewards in Tether’s tokenized gold product, XAUt.
New capital will go toward expanding OWN Network, building out lending and trade finance services, and developing Fasset’s AI systems that route transactions based on cost, speed, and availability.
Fasset and SBI have not yet named specific new corridors or joint products, but both say the goal is to combine Fasset’s infrastructure with SBI’s regulatory reach and financial portfolio.
