Fasset reaches $1 billion valuation after $68 million Series C led by SBI Group

Fasset, a stablecoin banking solution provider based in Los Angeles, has secured $68 million in new funding through a Series C round led by Japan’s SBI Group. The deal increases Fasset’s valuation to $1 billion, placing it among the world’s fintech unicorns.

Rapid funding growth and global reach

This investment brings Fasset’s total funding in 2026 to $119 million, following a $51 million capital injection earlier this year. The company, which specializes in digital asset infrastructure and payment technology, now operates across 125 countries. Fasset reports more than $40 billion in transaction volume annually.

Chief Executive Mohammad Raafi Hossain stated that Fasset’s revenue has grown six-fold year over year. The firm has remained profitable for the past 12 months, though it has not disclosed detailed financial figures.

Chief Executive Mohammad Raafi Hossain described a sharp rise in revenue and noted that Fasset has achieved full-year profitability without revealing specific earnings data.

Fasset’s core business serves both individual and institutional clients, offering the ability to manage, transfer, and invest in multiple currencies and digital assets. Settlement processes rely on stablecoins operating in the background, providing liquidity and efficiency without requiring users to interact directly with cryptocurrencies.

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Technology and infrastructure

The company operates on OWN Network, a proprietary Ethereum Layer 2 solution enhanced by artificial intelligence and built using Arbitrum technology. This platform enables Fasset to link financial institutions, telecom providers, payment processors, and pools of liquidity over more than 100 banking channels.

Fasset’s platform integrates traditional banking, payment solutions, and alternative assets, while stablecoins facilitate underlying settlements. Revenue streams are expanding to include card products and digital banking account services.

Mini dictionary: Arbitrum, an Ethereum Layer 2 scaling solution, is designed to increase transaction throughput and reduce costs on the Ethereum network by processing transactions off-chain while still relying on Ethereum’s security.

Strategic partnership with SBI Group

The partnership with SBI Group connects Fasset with one of Japan’s major financial conglomerates. SBI Group is known for its investments in digital asset companies, including Ripple and Circle, and also owns crypto liquidity provider B2C2. Fasset’s collaboration with SBI Remit grants access to roughly 470,000 payment locations as well as bank account transfers in nearly 200 countries.

Both companies plan to expand payment channels across Japan, broader Asia, and emerging markets, though they have not announced specific corridors or future products.

Fasset holds regulatory licenses in the UAE, European Union, and select Asian countries. Its Shariah-compliant operations provide an edge in Middle Eastern and Southeast Asian markets.

In collaboration with Tether, Fasset offers a gold-backed Visa card, allowing holders to spend stablecoins such as USDT and earn rewards in Tether’s XAUt, a gold-backed digital token.

Fasset’s management highlighted plans to use the new capital to expand its infrastructure, advance AI-driven transaction routing, and develop lending and trade finance services.

The company aims to use proceeds from this funding round to support the growth of OWN Network, enhance artificial intelligence for optimizing transactions, and further build its offerings in lending and trade finance.