Hassan Maishera
TL;DR
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Fasset raised $68 million in a funding round led by Japan’s SBI Group, reaching a $1 billion valuation.
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The investment follows a $51 million round in May, bringing the company’s total funding this year to $119 million.
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Fasset processes more than $40 billion in annualized transaction volume across 125 countries.
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The company said revenue increased roughly sixfold year over year and that it has been profitable for 12 consecutive months.
Fasset Secures $68 Million at $1 Billion Valuation
Stablecoin-focused digital bank Fasset has raised $68 million in a funding round led by Japan’s SBI Group, valuing the company at $1 billion.
The investment comes approximately three months after Fasset raised $51 million, bringing its total funding this year to $119 million.
Early investor Speedinvest and other strategic backers participated in the previous round. Based in Los Angeles, Fasset operates a financial platform that allows individuals and businesses to hold, transfer, spend and invest across different currencies and assets.
Stablecoins support the company’s underlying payment and settlement infrastructure, even when customers do not directly interact with digital dollars.
Fasset said its platform handles more than $40 billion in annualized transaction volume across 125 countries.
CEO Mohammad Raafi Hossain told CoinDesk that the company’s revenue has increased approximately sixfold over the past year.
He added that Fasset has remained profitable for 12 consecutive months, although the company did not disclose specific revenue or profit figures.
Its institutional and retail businesses generate most of its revenue, including through stablecoin payments and settlement services.
Hossain said cards and bank accounts are also beginning to contribute additional income.
The company’s growth reflects increasing demand for payment infrastructure capable of moving money across borders more quickly and efficiently.
Stablecoins Support Cross-Border Payments
Stablecoins are increasingly used for remittances, international payments and corporate treasury operations as financial institutions explore alternatives to traditional settlement systems.
The technology is particularly relevant in emerging markets, where cross-border transfers often pass through several correspondent banks before reaching their destination.
Those intermediaries can increase transaction costs and settlement times. Fasset uses stablecoins as an underlying settlement mechanism while allowing customers to interact with familiar financial services, including bank accounts and payment products.
“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.”
This approach allows stablecoin infrastructure to support transactions without requiring customers to manage cryptocurrency directly.
OWN Network Connects More Than 100 Banking Corridors
Fasset’s platform operates on OWN Network, its proprietary Ethereum layer-2 infrastructure built on Arbitrum.
The AI-enabled network connects banks, telecommunications companies, payment providers, liquidity firms and other financial institutions across more than 100 banking corridors.
OWN Network allows transactions to move between financial systems using a combination of blockchain infrastructure and traditional payment channels.
Fasset’s AI systems route payments across different currencies, liquidity providers and settlement methods based on factors such as cost, speed and availability.
The company plans to use part of its new funding to expand the network and improve those routing systems.
The funding round strengthens Fasset’s relationship with SBI Group and provides potential access to the Japanese conglomerate’s wider financial network.
SBI has built a significant presence in digital assets through investments in companies and projects including Ripple, Circle and decentralized lending protocol Morpho.
The group also owns cryptocurrency liquidity provider B2C2 and has backed several blockchain infrastructure and stablecoin initiatives.
Fasset already works with SBI Remit, which provides access to a remittance network spanning approximately 470,000 locations and bank-account transfers to around 200 countries, according to Hossain.
The companies plan to explore additional collaborations across SBI’s portfolio while expanding OWN Network.
“Together, we want to connect more corridors and financial rails across Japan, Asia and other emerging markets,” Hossain said.
Fasset and SBI have not announced specific new products or identified the next payment corridors they intend to enter.
However, Hossain said the broader strategy involves combining Fasset’s infrastructure and distribution capabilities with SBI’s regulatory expertise and network of financial businesses.
The fresh capital will support the expansion of OWN Network, development of Fasset’s AI systems and broader integration with financial institutions.
By connecting traditional banking infrastructure with stablecoin-based settlement, the company aims to expand its reach across Japan, Asia and other emerging markets.
