Fasset, a Los Angeles-based platform focused on stablecoin-powered digital banking, has secured a $1 billion valuation after closing a $68 million Series C funding round. Japan’s SBI Group (TYO: 8473) has reportedly led the investment, reinforcing support for the company’s strategy centered on cross-border payments and settlement infrastructure.
This latest raise comes just three months after a $51 million Series B completed in May, bringing Fasset’s total capital raised in 2026 to $119 million.
Earlier participants in the prior round included Speedinvest along with various strategic investors.
The new funds position Fasset as a fintech unicorn while accelerating its growth in emerging markets and Asia.
The company provides consumers and businesses with tools to hold, transfer, spend, and invest across multiple currencies and assets.
Stablecoins form a core part of the behind-the-scenes settlement layer, even when users interact primarily with traditional bank accounts, cards, or payment products.
According to co-founder and CEO Mohammad Raafi Hossain, annualized transaction volume now exceeds $40 billion, spanning customers in 125 countries.
Revenue has expanded roughly sixfold over the past year, and the firm has maintained profitability for 12 consecutive months, though specific financial figures were not disclosed.
Growth has been driven largely by institutional and retail activity in stablecoin payments and settlements, with cards and banking products beginning to contribute additional revenue streams.
At the core of Fasset’s operations is its proprietary Own Network, an AI-enabled Ethereum Layer 2 system built on Arbitrum.
This infrastructure links banks, telecom operators, payment providers, liquidity sources, and other financial institutions across more than 100 banking corridors.
The network uses intelligent routing to optimize transactions based on cost, speed, and availability, enabling efficient movement of value while leveraging stablecoins for settlement.
The SBI-led round deepens an existing relationship.
Fasset already collaborates with SBI Remit, gaining access to a remittance network that reaches approximately 470,000 locations and supports bank-account transfers to around 200 countries.
Hossain noted that the partnership will help connect additional corridors and financial rails spanning Japan, broader Asia, and other high-growth emerging markets.
SBI Group, a Japanese financial conglomerate with interests in banking, securities, and digital assets—including prior investments in firms such as Ripple, Circle, and Morpho—brings regulatory expertise and an extensive partner ecosystem.
Proceeds from the Series C will primarily fund further development of the Own Network and enhanced AI systems that power corridor banking, stablecoin settlement, and tokenized asset capabilities.
The capital also supports expansion of payment services and related infrastructure to better serve both individual users and enterprises seeking faster, lower-cost international transfers.
Fasset holds regulatory approvals in jurisdictions including the UAE, parts of Asia, the European Union, Turkey, and Pakistan, with product availability varying by market.
Its focus on practical use cases for stablecoins in remittances, corporate treasury, and everyday payments reflects a wider industry shift toward blockchain-based tools that address longstanding inefficiencies in traditional correspondent banking, particularly in regions where multi-hop transfers often add delays and high fees.
By combining its technology stack with SBI’s network and resources, Fasset aims to scale its payments-oriented model and broaden access to modern financial services across underserved and high-growth markets.