Fasset Soars to $1 Billion Valuation with $68M SBI-Backed Funding Round

Fasset, a digital bank focused on stablecoins, has reached a valuation of $1 billion after securing a $68 million funding round led by Japan's SBI Group. This investment follows an earlier round in May, which brought Fasset's total funding for the year to $119 million.

The company has seen significant growth, with revenue increasing roughly six-fold year over year and profitability maintained for 12 consecutive months. Fasset processes more than $40 billion in annualized transaction volume across 125 countries, with cards and bank accounts contributing new revenue alongside its institutional and retail businesses.

The platform runs on OWN Network, a proprietary Ethereum Layer 2 built on Arbitrum that connects banks, telecom companies, payment firms, and liquidity providers. Stablecoins act as the settlement layer for cross-border transfers, passing through fewer correspondent banks along the way.