Stablecoin neobank Fasset hits unicorn status with SBI-led $68B round

Fasset, a stablecoin-based digital bank, has raised $68 million in a Series C round led by Japan’s SBI Group at a $1 billion valuation.

This funding round has pushed the payments firm into unicorn territory less than three months after its last raise. 

Fasset becomes a unicorn 

Fasset’s total fundraising for 2026 has hit $119 million, following its most recent series C funding round led by Japan’s SBI Group. The round added $68 million to the $51 million raised in a Series B round in May. Speedinvest, an early backer, also joined the round.

Fasset said the fresh capital will go toward expanding Own Network, which it describes as a regulated Ethereum layer-2 blockchain built on Arbitrum technology that connects banks, telecom companies, payment firms, and liquidity providers across more than 100 banking corridors, and its AI systems that route transactions based on cost, speed, and availability. 

In 2023, Fasset became one of the first companies licensed by Dubai’s Virtual Assets Regulatory Authority (VARA). It has also secured approvals in Indonesia, Pakistan, Türkiye, and Malaysia. The company has built Shariah-compliant products tied to stablecoins, gold, equities, and sukuk in several of these countries. 

Fasset says it now serves over 3 million wallets and more than 1,000 enterprises in 125 countries. The firm also reports more than $40 billion in annualized transaction volume. 

Notably, at the time of its May Series B, that volume figure stood at $32 billion. 

CEO Mohammad Raafi Hossain, who co-founded the firm in 2019 with Daniel Ahmed, stated that revenue has grown roughly 6x year over year and that Fasset has been profitable for 12 straight months. However, the company did not disclose absolute revenue or profit numbers.

Why is SBI investing so much in crypto infrastructure? 

Fasset’s round is SBI’s third Series C that it has led since early July, after a $76 million round for market operator EDX Markets on July 7 and a $125 million raise for risk platform Gauntlet two days later. Across the three deals, SBI has committed roughly $269 million.

The Japanese group already holds positions in Ripple, Circle and DeFi lender Morpho, and owns liquidity provider B2C2. Fasset adds stablecoin settlement to its already expansive portfolio. 

Yoshitaka Kitao, the chairman and CEO of SBI Holdings (TYO: 8473), said the investment will help connect Japan to faster-growing economies. The goal is to make stablecoin payments easier across Asia, the Middle East, and Africa.

SBI and Fasset already work together through SBI Remit, the Japanese group’s remittance arm, which reaches roughly 470,000 locations and handles bank transfers to about 200 countries. Hossain has said that the plan is to connect more payment systems across Japan, Asia and other emerging markets.