Fasset Reaches $1 Billion Valuation After $68 Million SBI-Backed Funding Round
Fasset, a stablecoin-focused digital bank based in Los Angeles, has secured $68 million in funding led by Japan's SBI Group. This investment values Fasset at $1 billion, just three months after its previous financing round of $51 million.
The company operates a financial platform that enables consumers and businesses to hold, send, spend, and invest across currencies and assets using stablecoins as the settlement infrastructure behind the scenes.
Fasset processes over $40 billion in annualized transaction volume across 125 countries. Its business has expanded sharply over the past year, with revenue growing roughly six-fold year over year.
The company's CEO, Mohammad Raafi Hossain, said that Fasset's revenue came mainly from its institutional and retail businesses, including stablecoin payments and settlement activity, as well as cards and bank accounts. The firm has been profitable for 12 consecutive months, but the exact figures are not disclosed.
Fasset is part of a broader wave of fintechs building financial services around blockchain networks and stablecoins. The company's business runs on OWN Network, a proprietary, AI-enabled Ethereum Layer 2 infrastructure built on Arbitrum.
The new funding will also deepen Fasset's ties with SBI and provide it with access to the Japanese group's broader financial network. The companies plan to work together to connect more corridors and financial rails across Japan, Asia, and other emerging markets.