TL;DR
Fasset has reached a $1 billion valuation after raising $68 million in a funding round led by Japan’s SBI Group, marking a sharp step up just three months after its previous financing. The stablecoin-focused banking platform has now raised $119 million this year, following a $51 million round in May. The striking part is how quickly Fasset has paired capital formation with business growth. CEO Mohammad Raafi Hossain said revenue has increased roughly sixfold year over year and the company has remained profitable for 12 consecutive months, although revenue and profit figures were not disclosed.
The Los Angeles-headquartered company says it processes more than $40 billion in annualized transaction volume across 125 countries, serving consumers and businesses that hold, send, spend and invest across currencies and assets. Stablecoins operate behind the scenes as settlement infrastructure rather than requiring customers to handle them directly. That invisible role may be Fasset’s most consequential advantage, because users can access conventional financial products while blockchain rails handle movement underneath. Revenue comes mainly from institutional and retail operations, including expanding stablecoin payments and settlement, while cards and bank accounts are beginning to contribute additional income.
Fasset runs on OWN Network, its proprietary AI-enabled Ethereum Layer 2 built on Arbitrum, connecting banks, telecom companies, payment firms, liquidity providers and other institutions across more than 100 banking corridors. The new SBI relationship is expected to deepen that network, particularly in Japan, Asia and emerging markets in the region today. The $68 million investment is therefore more than a valuation milestone, because it also gives Fasset access to SBI’s broad financial distribution. Fasset already works with SBI Remit, which Hossain said spans roughly 470,000 locations and supports bank-account transfers to about 200 countries.
The fresh capital will support expansion of OWN Network and Fasset’s AI systems, which route transactions across payment rails, currencies, liquidity providers and settlement methods based on cost, speed and availability. SBI has invested across assets, including Ripple, Circle and Morpho, while owning liquidity provider B2C2. The larger bet is that Fasset can combine stablecoin settlement, AI routing and SBI’s financial reach into a scalable global payments network. Specific products and corridors have not yet been announced, leaving execution as the next test after a financing round that has pushed the company into unicorn territory.
