Fasset, a stablecoin-powered digital banking platform, has 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.
Fasset has entered the global fintech unicorn category.
— Fasset (@fasset_official) August 24, 2026
Less than four months after our Series B, we have raised a further $68 million in Series C funding, led by SBI Group. This brings Fasset’s total funding in 2026 to $119 million.
The investment will expand Own Network and… pic.twitter.com/8c0IXNHOhi
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 operates a platform that lets consumers and businesses hold, send, spend and invest across currencies and assets, using stablecoins as the settlement layer underneath. The company says it now processes more than $40 billion in annualized transaction volume across 125 countries. "Customers interact with stablecoins at many different points on our platform, while stablecoins provide the settlement rail underneath," chief executive Mohammad Raafi Hossain said, according to CoinDesk.
The new capital will go toward expanding OWN Network, Fasset's proprietary Ethereum layer-2 infrastructure, and the artificial intelligence systems the company uses for transaction routing. Fasset also plans to lean on SBI's financial network to expand further into Japan, the rest of Asia, and other emerging markets, building on the relationship SBI began in May.
The back-to-back rounds arrive as Fasset says its revenue has grown roughly sixfold year over year, with the company profitable for 12 consecutive months. Revenue comes from a mix of institutional and retail business lines, including stablecoin payments, settlement, card issuance and bank accounts, according to DealStreetAsia's reporting on the May round.
SBI's repeated backing is notable given the Japanese financial group's broader push into digital asset infrastructure, spanning exchanges, custody and now stablecoin-based banking rails aimed at markets SBI already has relationships in. For Fasset, the jump to a $1 billion valuation in under a year signals that investors are treating stablecoin settlement infrastructure, rather than the tokens themselves, as the more durable business to back in this cycle. Whether that valuation holds will depend on Fasset converting SBI's distribution network into actual account growth in Japan and beyond, rather than the round simply validating a narrative that has yet to be tested at scale in a market as regulated as Japan's.