Fasset Hits $1B Valuation After $68M SBI Round

Fasset, a stablecoin neobank, has reached a private valuation of $1 billion after raising $68 million in a Series C funding round led by Japan's SBI Group.

The company, which allows consumers and businesses to hold, send, spend, and invest across currencies and assets, has seen its annualized transaction volume exceed $40 billion across customers operating in 125 countries worldwide.

Fasset's CEO, Mohammad Raafi Hossain, stated that revenue has grown sixfold while profitability continued for twelve months. The company operates Own Network, an AI-enabled Ethereum layer 2 built using Arbitrum technology, which connects banks and other financial institutions across more than 100 banking corridors.