Fasset, a Los Angeles-based stablecoin neobanking platform, has raised $68m in a Series C round led by Japan’s SBI Group, valuing the company at $1bn. The round follows a $51m Series B closed in May 2026 — a round that also included SBI, alongside Bahrain’s Investcorp and Turkish asset manager Arz Portföy — bringing Fasset’s total 2026 fundraising to $119m and marking its first unicorn valuation.
SBI has not disclosed the size of its latest check. The Japanese group said it intends to increase its stake through warrant exercises once the round closes, with Fasset expected to become an equity-method affiliate of SBI Holdings. The two companies also plan to jointly operate a digital bank in Malaysia and distribute Fasset-issued tokens — details not included in Fasset’s own announcement of the round.
Fasset says annualised transaction volume now exceeds $40bn across 125 countries, up from roughly $32bn as of the May raise, with more than 3 million wallets and 1,000-plus enterprise customers on the platform. Chief executive Mohammad Raafi Hossain said revenue has grown roughly sixfold year-over-year, with the company profitable for the past twelve consecutive months; neither figure was independently verified.
Capital from the round will expand Own Network, Fasset’s proprietary settlement infrastructure connecting banks, telecoms operators, payment firms and liquidity providers across more than 100 corridors, and fund additional investment in AI systems used for transaction routing across corridor banking, stablecoin settlement and tokenised assets. Hossain framed the strategy as building toward “any-to-any banking” rather than adding another interface on top of existing rails.
SBI Holdings chairman and CEO Yoshitaka Kitao said the investment reflects a view of Fasset as an important financial bridge connecting Japan with high-growth markets, positioning the deal within SBI’s broader “APAC Digital Economic Zone” strategy — part of a pattern of SBI-led Series C rounds in crypto infrastructure since July, following backing for EDX Markets and Gauntlet.
Fasset holds regulatory approvals across the UAE, Indonesia, Malaysia, the EU, Turkey and Pakistan. Neither company disclosed the equity stake sold in the Series C or the round’s full investor list.
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