SBI Backs Fasset to $1 Billion Valuation Amid Stablecoin Expansion

Fasset, a digital bank focused on stablecoins, has reached a valuation of $1 billion after raising $68 million in a funding round led by Japan's SBI Group. This brings Fasset's total funding this year to $119 million, following a previous round of $51 million in May.

The company's business has expanded sharply over the past year, with revenue growing roughly six-fold year-over-year and profitability maintained for 12 consecutive months. CEO Mohammad Raafi Hossain attributes this growth to the increasing use of stablecoins in remittances, corporate treasury operations, and international payments.

Fasset operates on OWN Network, a proprietary Ethereum Layer 2 infrastructure built on Arbitrum, which connects banks, telecom companies, payment firms, liquidity providers, and other financial institutions across more than 100 banking corridors. The company plans to work with SBI's portfolio of financial companies while expanding its network.