Fasset Reaches a $1B Valuation as SBI Leads a $68M Round

Fasset said on Monday that it had raised $68 million in a round led by Japan's SBI Group, at a valuation of $1 billion. The company runs a stablecoin-based banking platform, offering accounts, cards and currency exchange to users in emerging markets, and it is headquartered in Los Angeles. Four separate accounts of the round put the raise at that figure, including the company's own release on the wire that morning. A fifth, published the same day, does not.

What the money is meant to buy

The round takes Fasset's 2026 fundraising to $119 million, after a $51 million Series B in May, and total funding past $150 million by the company's count. Speedinvest, an investor from the May round, came back. The capital goes to Own Network, the firm's Ethereum layer-2 built on Arbitrum that settles cross-border stablecoin payments, and to what the release calls agentic AI systems for corridor banking and tokenized assets. CoinDesk reported on Monday that the SBI tie also opens access to SBI Remit's network of roughly 470,000 locations, with bank transfers reaching about 200 countries. SBI's portfolio already includes stakes in Ripple, Circle, Morpho and B2C2, fintech.global noted the same day.

Mohammad Raafi Hossain, the co-founder who runs the company, put the pitch in the release.

"The banking system is broken. It's not enough to build another financial front on current rails," Hossain said.

Two accounts, one Monday

Crypto Briefing published its own piece on Monday under a $1 billion headline, and almost none of the second-level numbers match. It describes a Series B of $51 million at a post-money valuation of $1.05 billion, total funding to date of $78 million, $32 billion in annualized transaction volume and more than 50 corridors, with Investcorp and Turkey's Arz Portföy named alongside SBI. The Block, CoinDesk, fintech.global and the release describe a Series C of $68 million at $1 billion, $40 billion in annualized volume, more than 3 million wallets across 125 countries, and over 100 banking corridors. The two accounts do not reconcile. CoinDesk reported the $51 million Series B on 14 May, and that is where the smaller raise and the lower volume figure appear to originate, though we could not establish which round Monday's outlier is describing.

Where the customers are

The licences are the emerging-market part of this. Fasset holds regulatory permissions across the GCC, Asia and Europe, according to the release and to fintech.global's Monday write-up. Crypto Briefing put it more narrowly, naming the UAE, the EU and parts of Asia, and it was the only outlet to describe the platform as Shariah-compliant; that detail rests on one report. The stated focus is Asia, Africa and the Middle East, the same direction of travel as Dubai clearing a dirham-backed stablecoin for its regulated venues, and the same rails that carried stablecoin-funded card spending in July.

The numbers the company has not shown

Fasset says revenue grew roughly six-fold year over year and that it has been profitable for twelve straight months. Neither claim comes with a figure, and neither has been audited in public. That is normal for a private round. It also means the $1 billion mark rests on metrics only the company can see, in a market where trackers are already producing different totals for the same activity. The corridor count is the thing to watch next. Hossain said the plan is to connect more corridors across Japan, Asia and other emerging markets, and corridors are slow, licence-by-licence work.