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SBI leads $68M round
Stablecoin-powered digital banking platform Fasset raised $68 million in a new funding round led by Japan’s SBI Group, pushing its valuation to $1 billion, the company announced on Monday.
“has raised $68 million in a new funding round led by Japan's SBI Group, pushing its valuation to $1 billion”
The raise comes roughly three months after Fasset closed a $51 million Series B, also led by SBI alongside Bahrain's Investcorp and Turkish asset manager Arz Portföy, bringing the company's total funding for 2026 to $119 million.
Fasset says it now processes more than $40 billion in annualized transaction volume across 125 countries, and it operates a platform that lets consumers and businesses hold, send, spend and invest across currencies and assets using stablecoins as the settlement layer underneath.
Chief executive Mohammad Raafi Hossain said, "Customers interact with stablecoins at many different points on our platform," describing how stablecoins provide the settlement rail underneath.
The company said the new capital will go toward expanding OWN Network, Fasset's proprietary Ethereum layer-2 infrastructure, and the artificial intelligence systems it uses for transaction routing.
Valuation, growth claims
Fasset’s $1 billion private valuation arrived on Aug. 24 after the completion of Fasset’s Series C funding round, a $68 million raise led by Japan’s SBI Group.
The milestone was described as a symbolic threshold for emerging-markets fintech firms, while the round valued Fasset at $1 billion in a private transaction rather than a public-market price.
Fasset said its revenue has grown roughly sixfold year over year and that the company has been profitable for 12 consecutive months, with CEO Mohammad Raafi Hossain reporting the same figures to reporters.
In a CoinDesk interview, Hossain said, "Customers interact with stablecoins at many different points on our platform," and the company framed stablecoins as the settlement rail underneath.
Fasset’s Own Network is described as an AI-enabled Ethereum layer-2 network built using Arbitrum technology, with the company saying it links more than 100 banking corridors worldwide.
Next: Own Network expansion
Fasset said the Series C capital will support expansion of Own Network and investment in agentic AI-enabled systems supporting corridor banking, stablecoin settlement and tokenized asset infrastructure.
“"SBI APAC Digital Economic Zone" concept as well, an international remittance and settlement infrastructure built on stablecoins is a core component”
SBI Holdings’ leadership also tied the investment to its "SBI APAC Digital Economic Zone" concept, calling stablecoins a core component of an international remittance and settlement infrastructure built on stablecoins.
SBI said it plans to increase its stake in Fasset through the exercise of warrants after the Series C round closes, with Fasset expected to become an equity-method affiliate of the group.
The companies also plan to jointly operate a digital bank in Malaysia and distribute Fasset-issued tokens, according to SBI.
Fasset said it is using AI to improve how transactions are routed across payment rails, currencies, liquidity providers, and settlement methods, based on factors including cost, speed, and availability.