Dubai's Fasset Raises $68M at $1B Valuation in Record-Breaking Series C Round

Dubai-based Fasset has raised $68 million in its Series C funding round at a valuation of $1 billion, just three months after closing its previous Series B for $51 million. The new round was led by Japan's SBI Group and saw participation from Speedinvest, taking Fasset's total fundraising this year to $119 million.

Fasset, a stablecoin-powered digital banking platform, claims it has been profitable for the past 12 months with revenue increasing more than sixfold year on year. The company also reports that its annualized transaction volume has exceeded $40 billion across 125 countries, up from $32 billion in May when it announced its Series B.

The company's infrastructure runs on OWN Network, an Ethereum Layer 2 built by Fasset. SBI Group's involvement goes beyond just financing, with the Japanese financial group also building its own large digital-assets business and owning liquidity provider B2C2.