Stablecoin neobank Fasset has closed a $68 million Series C funding round led by Japan's SBI Group, reaching a private valuation of $1 billion on Aug. 24, 2026. The round lifts Fasset's total 2026 fundraising to $119 million, following a $51 million Series B in May. Early investor Speedinvest and other strategic investors also participated.
Fasset said annualized transaction volume now exceeds $40 billion across customers in 125 countries, up from more than $32 billion reported in May. Co-founder and CEO Mohammad Raafi Hossain said revenue grew roughly sixfold year over year and that the company has remained profitable for 12 consecutive months. Those figures are management claims and Fasset did not disclose audited financial statements.
The company operates Own Network, an AI-enabled Ethereum layer 2 built using Arbitrum technology. Own Network connects banks, telecoms, payment firms, liquidity providers and other institutions across more than 100 banking corridors. It uses AI to select payment routes, currencies, liquidity sources and settlement methods based on cost, speed and availability.
Fasset holds regulatory approvals in markets including the UAE, Indonesia, Malaysia, the European Union, Türkiye and Pakistan. The SBI relationship deepens earlier infrastructure cooperation with SBI Remit, whose network supports cash payouts at roughly 470,000 locations across more than 200 countries. SBI's digital asset interests include Ripple, Circle, R3 and B2C2.
Fasset plans to use the capital to expand Own Network, develop AI routing systems and connect more financial institutions. Cards, bank accounts, lending and trade finance could become larger parts of its revenue mix. Still, stablecoin payment providers face competition from banks and fintechs, and conversion and access fees remain a hurdle. A recent Bank of Italy test found some stablecoin remittance costs approached 9% after such fees.
