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Stablecoin neobank Fasset lands $1 billion valuation as SBI backs its payments push
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Stablecoin-powered neobank Fasset has secured a $1 billion valuation following a $68 million funding round led by Japan's SBI Group. This latest investment, announced on Monday, marks a significant milestone for the Los Angeles-based company. It comes just three months after a previous $51 million financing round in May, bringing Fasset's total funding for the year to $119 million.
The company operates a financial platform enabling consumers and businesses to hold, send, spend, and invest across currencies and assets. Crucially, it utilizes stablecoins as part of the settlement infrastructure behind the scenes. Fasset reports an annualized transaction volume exceeding $40 billion across 125 countries.
CEO Mohammad Raafi Hossain confirmed to CoinDesk that the firm's revenue has grown approximately six-fold year-over-year. Furthermore, he stated that Fasset has achieved profitability for 12 consecutive months. While specific financial figures were not disclosed, revenue is driven by its institutional and retail businesses, with stablecoin payments and settlement activity being a key growth area.
Fasset is part of a broader fintech wave building services around blockchain networks. Stablecoins are increasingly being adopted for remittances, corporate treasury operations, and international payments. This shift is particularly impactful in emerging markets, where traditional cross-border transfers can be slow and costly due to multiple intermediary banks.
The company's business runs on the OWN Network, a proprietary AI-enabled Ethereum Layer 2 infrastructure built on Arbitrum. This network connects a wide array of financial institutions across more than 100 banking corridors. Stablecoins often function as the underlying settlement rail, even when customers are not directly transacting with them.
The investment deepens Fasset's ties with SBI, a major Japanese financial services group active in digital assets through investments in companies like Ripple and Circle. The partnership aims to leverage SBI's extensive financial network to expand payment corridors. Fasset already works with SBI Remit, accessing a remittance network of roughly 470,000 locations.
Looking forward, the two companies plan to connect more financial rails across Japan, Asia, and other emerging markets. CEO Hossain highlighted the goal of combining Fasset's infrastructure with SBI's regulatory capabilities and customer base. The strategic collaboration is poised to accelerate the global expansion of stablecoin-based financial services.
