Fasset Hits $1B Valuation with $68M SBI Funding Round

Fasset, a stablecoin neobank, has reached a private valuation of $1 billion after securing $68 million in a Series C funding round led by Japan's SBI Group. The company, founded by Mohammad Raafi Hossain, aims to provide financial services accessible to all, regardless of their location.

Fasset operates Own Network, an AI-enabled Ethereum layer 2 built using Arbitrum technology, which connects financial institutions across more than 100 banking corridors. The network uses artificial intelligence to select payment routes, currencies, liquidity sources, and settlement methods based on cost, speed, and availability.

The company has processed over $40 billion in annualized transaction volume, with revenue growing sixfold from the previous year. Fasset has maintained profitability for 12 consecutive months and plans to use the new capital to expand its services and connect additional financial institutions.