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Fasset, the stablecoin-powered digital banking platform, has raised a $68 million Series C led by Japan’s SBI Group at a $1 billion valuation, three months after closing a $51 million Series B.
Speedinvest also participated in the round, taking Fasset’s fundraising this year to $119 million.
The company says it’s been profitable for the past 12 months, with revenue increasing more than sixfold year on year, although it doesn’t disclose revenue or profit figures.
Annualised transaction volume has passed $40 billion across 125 countries, according to Fasset, up from $32 billion when it announced its Series B in May. At the time, the company said it had about two million individual and small-business users.
Fasset provides accounts, payments and investment products for consumers and businesses, using stablecoins as settlement infrastructure beneath transactions between currencies, bank accounts and other assets.
Its infrastructure runs on OWN Network, the company’s Ethereum Layer 2, which connects banks, payment companies and other financial institutions across multiple markets.
SBI’s involvement extends beyond just financing, with the Japanese financial group having built its own large digital-assets business through investments in companies including Ripple and Circle and owns liquidity provider B2C2.
Fasset also works with SBI Remit on cross-border payments, with the companies planning to expand into additional corridors across Asia and emerging markets.
Fasset was founded in 2019 by Mohammad Raafi Hossain and Daniel Ahmed, and became one of the first firms licensed by Dubai’s Virtual Assets Regulatory Authority in 2023.
It has since expanded its regulatory footprint across markets including Indonesia, Pakistan, Türkiye and Malaysia, where it has also been developing Shariah-compliant financial products built around stablecoins, gold, equities and sukuk.
"Your name, passport and birthplace still shape what money can reach you, where it can go and what it can become," Hossain wrote in announcing the round. "That is the problem we are here to work on."
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