Fasset reaches $1B valuation with SBI-led $68M round

Fasset, a stablecoin-powered digital banking platform, has reached a $1 billion valuation after closing a $68 million Series C funding round led by Japan's SBI Group. The Los Angeles-based company announced the raise on Monday, August 24, 2026, marking its entry into the global fintech unicorn category. The new capital brings Fasset's total funding for 2026 to $119 million, following a $51 million Series B round in May that was also led by SBI.

The company plans to use the investment to expand its proprietary infrastructure, OWN Network, and develop its artificial intelligence systems for transaction routing. Fasset operates a platform that allows consumers and businesses to hold, send, spend, and invest across currencies and assets, with stablecoins serving as the underlying settlement layer. According to the company, it now processes more than $40 billion in annualized transaction volume across 125 countries.

"Customers interact with stablecoins at many different points on our platform, while stablecoins provide the settlement rail underneath," said CEO Mohammad Raafi Hossain. He noted that revenue has grown roughly sixfold year over year and that the company has been...