TLDR:
- Fasset raised $68M led by SBI Group, reaching a $1 billion valuation.
- Total 2026 funding hits $119M after a $51M round closed in May.
- Fasset processes over $40 billion in annualized volume across 125 countries.
- SBI Remit access gives Fasset reach across roughly 470,000 global locations.
Fasset, a stablecoin-powered digital bank, has raised $68 million in a funding round led by Japan’s SBI Group. The round values the company at $1 billion, just three months after its previous financing.
Fasset’s total funding for the year now stands at $119 million, following a $51 million raise in May that included backing from Speedinvest and other strategic investors.
Fasset Expands Stablecoin Infrastructure With Fresh Capital
Fasset operates a financial platform that allows consumers and businesses to hold, send, spend, and invest across currencies and assets.
The company uses stablecoins as part of its settlement infrastructure. Headquartered in Los Angeles, Fasset said it processes more than $40 billion in annualized transaction volume across 125 countries.
CEO Mohammad Raafi Hossain told CoinDesk that revenue has grown roughly six-fold year over year. The company has remained profitable for 12 consecutive months, though exact revenue and profit figures were not disclosed.
Most revenue has come from institutional and retail businesses, including growing stablecoin payments and settlement activity.
Cards and bank accounts have also started contributing new revenue streams, according to Hossain. Fasset’s business runs on OWN Network, a proprietary Ethereum Layer 2 built on Arbitrum.
The network connects banks, telecom companies, payment firms and liquidity providers across more than 100 banking corridors.
Stablecoins often serve as a behind-the-scenes settlement layer on the platform, even when customers do not directly send them.
“Customers interact with stablecoins at many different points on our platform,” Hossain said. He noted they might be moving between a bank account, a payment product, or another asset entirely.
SBI Partnership Deepens Fasset’s Reach Across Asia
The new funding round strengthens Fasset’s relationship with SBI Group and opens access to its broader financial network. SBI has become one of the more active traditional finance groups in digital assets.
Its portfolio includes investments in Ripple, Circle and DeFi lender Morpho, along with ownership of liquidity provider B2C2.
Fasset already works with SBI Remit, which gives it access to a remittance network spanning roughly 470,000 locations.
That network also enables bank-account transfers to about 200 countries, Hossain said. “Together, we want to connect more corridors and financial rails across Japan, Asia and other emerging markets,” he said.
Neither company has named specific new products or corridors resulting from the partnership. Hossain said the opportunity lies in combining Fasset’s infrastructure and distribution with SBI’s regulatory expertise. SBI’s portfolio of financial companies could also support that expansion effort.
The fresh capital will additionally fund the growth of Own Network and Fasset’s AI-driven routing systems. These systems direct transactions across payment rails, currencies, and liquidity providers. Routing decisions are based on cost, speed, and availability across the network’s corridors.
