Fasset Raises $68M for Ethereum-Based Stablecoin Network

Fasset Raises $68M Led by SBI

Fasset, a stablecoin neobank building an Ethereum-based payment network, has secured $68 million in a Series C round led by Japan's SBI Group, at a private valuation of $1 billion. The company's total fundraising for 2026 now stands at $119 million, following a $51 million Series B completed in May. The May round included SBI, Investcorp, Arz Portföy and strategic family offices, and Fasset then put its annualized transaction volume above $32 billion. Chief executive Mohammad Raafi Hossain announced the close in a post on X, framing the round as a step toward making financial opportunity accessible across emerging markets. Fasset says annualized transaction volume has now climbed above $40 billion, with customers operating in 125 countries. Management also reports revenue growth of roughly sixfold year over year and 12 consecutive months of profitability, although audited financial statements have not been published. Current revenue is generated by institutional and retail services such as stablecoin payments and settlement, with cards and bank accounts beginning to add income. Through Fasset, consumers and businesses can hold, send, spend and invest in a range of currencies and assets, with stablecoins acting as the settlement layer even when users are moving through bank accounts, cards or local currencies. Fasset's services and available products vary by jurisdiction, and the company has not provided a product-level revenue breakdown. Own Network, an Ethereum layer 2 that uses Arbitrum technology, connects banks, telecommunications operators, payment firms and liquidity providers across more than 100 banking corridors. The network's AI picks payment routes, currencies, liquidity sources and settlement methods by weighing cost, speed and availability. Regulatory approvals are in place across the UAE, Indonesia, Malaysia, the European Union, Türkiye and Pakistan, and some of the new funding will go toward expanding those routing systems and adding institutional connections.

SBI to Make Fasset an Equity-Method Affiliate

SBI Holdings confirmed the additional investment on Aug. 24, calculating Fasset's corporate value at $1 billion based on the share acquisition price. After the Series C completes, SBI intends to exercise warrants that would make Fasset an equity-method affiliate, according to the company's official announcement. The equity method is typically used when an investor holds significant influence but not full control, usually with a stake of 20 to 50 percent. That accounting treatment would let SBI recognize its share of Fasset's results in its own financial statements, reflecting a closer strategic tie. The two firms also plan to jointly operate a digital bank in Malaysia and jointly distribute Fasset-issued tokens. SBI Chairman and President Yoshitaka Kitao said he personally led the round and described Fasset as a potential financial bridge between Japan and high-growth markets. Hossain said the two companies share a focus on financial effectiveness and inclusion. The investment extends a relationship that began with SBI's May strategic investment and an SBI Remit basic agreement to build next-generation international remittance infrastructure. Fasset says its Own Network connects 16 blockchain networks and more than 100 banking corridors, with over 3 million wallets across 125 countries and regions. SBI Remit's June statement put cash payout locations at roughly 350,000; Hossain now cites about 470,000, though SBI has not issued a matching update. SBI's broader digital asset portfolio includes Ripple, Circle, R3 and B2C2, positioning the group across altcoins, stablecoin issuers and liquidity provision. The companies have not yet named specific products, countries or deployment dates for the new collaboration. Expansion will hinge on local licensing, banking partnerships and customer access rules.

Corridor Expansion and Earnings in Focus

Taken together, the two disclosures show SBI doubling down on stablecoin settlement rails as a bridge between traditional finance and crypto. The company's official announcement confirms the $68 million Series C led by SBI, while the $1 billion valuation was established through a private transaction rather than a public market. The company left undisclosed the equity stake sold, the complete investor list and other financial terms, and management's profitability and revenue claims are unaudited. The next verifiable milestones will be specific SBI-linked products, new corridor launches and regulatory approvals, along with more detailed financial disclosures. In a Bank of Italy test, conversion and access fees pushed some stablecoin remittance costs toward 9%, underscoring the competitive pressure Fasset faces from banks, card networks and other fintechs.