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 Aug. 24.
Summary
- Fasset raised $68 million in a Series C round led by Japan’s SBI Group Monday.
- The financing valued Fasset at $1 billion and lifted its 2026 fundraising to $119 million.
- Fasset says annualized transaction volume exceeds $40 billion across customers operating in 125 countries worldwide.
- Chief executive Mohammad Raafi Hossain said revenue grew sixfold while profitability continued for twelve months.
- Fasset’s Own Network connects financial institutions across more than 100 banking corridors using stablecoin settlement.
The financing follows the company’s $51 million Series B round in May. Fasset has now raised $119 million during 2026 as it expands stablecoin payment, banking and settlement services across emerging markets.
Early investor Speedinvest and other strategic investors participated in the latest round, according to the report. Speedinvest’s updated portfolio also identifies the financing as a $68 million Series C led by SBI.
The $1 billion valuation was established through the private funding transaction. It is not a public market valuation, and Fasset did not disclose the equity stake sold, the round’s full investor list or other financial terms.
Fasset funding reaches $119 million in 2026
Fasset previously raised $51 million to expand regulated banking services in May. SBI, Investcorp, Arz Portföy and strategic family offices participated in that round.
The company said at the time that it processed more than $32 billion in annualized transaction volume. Fasset now puts that figure above $40 billion, indicating that the annualized pace has increased by at least $8 billion since May.
Fasset co-founder and CEO Mohammad Raafi Hossain said revenue has grown approximately sixfold from the previous year. He also said the company has remained profitable for 12 consecutive months.
Those figures are management claims. Fasset did not disclose its revenue, profit or audited financial statements, preventing an independent assessment of its margins or the earnings supporting its valuation.
Revenue currently comes from institutional and retail services, including stablecoin payments and settlement. Hossain said cards and bank accounts are beginning to provide additional income, although Fasset did not provide a breakdown by product.
Stablecoins operate behind Fasset’s banking products
Fasset allows consumers and businesses to hold, send, spend and invest across currencies and assets. Stablecoins can provide the settlement rail even when customers interact with traditional bank accounts, cards or local currencies.
“Customers interact with stablecoins at many different points on our platform,” Hossain said. “They might be moving between a bank account, a payment product, a currency or another asset, while stablecoins provide the settlement rail underneath.”
The company operates Own Network, an AI enabled Ethereum layer 2 built using Arbitrum technology. Fasset says the network connects banks, telecommunications companies, payment firms, liquidity providers and other institutions across more than 100 banking corridors.
Own 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 those routing systems.
Fasset holds regulatory approvals in markets including the UAE, Indonesia, Malaysia, the European Union, Türkiye and Pakistan. Its services and available products vary by jurisdiction.
SBI brings Japanese payments and regulatory reach
The investment deepens a relationship established before the Series C. Fasset and SBI Remit previously combined their infrastructure for international stablecoin payments covering remittances, business payments and treasury settlement.
SBI Remit said in June that its network supported cash payouts at approximately 350,000 locations across more than 200 countries and territories. Hossain now puts its reach at about 470,000 locations, suggesting the network has expanded, although SBI has not published a matching updated figure.
Fasset expects to work with other businesses in SBI’s portfolio. The Japanese group’s digital asset interests include Ripple, Circle, blockchain company R3 and crypto liquidity provider B2C2.
“Together, we want to connect more corridors and financial rails across Japan, Asia and other emerging markets,” Hossain said.
The companies have not named the first new products, countries or deployment dates associated with the investment. Any expansion will depend on local licensing, banking partnerships and customer access requirements.
What comes next for Fasset
Fasset plans to use the capital to expand Own Network, develop its AI routing systems and connect additional financial institutions. Cards, bank accounts, lending and trade finance could also become larger parts of its revenue mix.
The company must still show whether rapid transaction growth produces durable earnings. Stablecoin payment providers face competition from banks, card networks and other fintech companies, while the cost of converting between stablecoins and local currencies can reduce expected savings.
A recent Bank of Italy test found that conversion and access fees pushed some stablecoin remittance costs toward 9%. Fasset’s ability to secure local banking corridors and liquidity will therefore be central to its effort to lower costs.
The next verifiable updates should include specific SBI linked products, additional corridor launches and new regulatory approvals. More detailed financial disclosures would also provide clearer evidence supporting Fasset’s $1 billion valuation and profitability claims.
