$1 Billion Valuation for Stablecoin-Focused Digital Bank Fasset

Fasset, a stablecoin-focused digital bank, has reached a $1 billion valuation after raising $68 million in a funding round led by SBI Group.

The investment follows a $51 million round in May, bringing Fasset's total funding this year to $119 million. The company has seen significant growth, with revenue increasing roughly six-fold year over year and being profitable for 12 consecutive months, although specific figures were not disclosed.

Fasset processes more than $40 billion in annualized transaction volume across 125 countries, with cards and bank accounts generating new revenue alongside its institutional and retail businesses. The company's platform runs on the OWN Network, a proprietary AI-enabled Ethereum Layer 2 built on Arbitrum that connects banks, telecom companies, payment firms, and liquidity providers.

The deal deepens Fasset's ties to SBI, one of the more active traditional financial groups in digital assets. SBI has backed Ripple, Circle, and DeFi lender Morpho, and owns crypto liquidity provider B2C2. The new capital will fund expansion of OWN Network and Fasset's AI systems, which route transactions across payment rails, currencies, and liquidity providers based on cost, speed, and availability.