SBI leads $68M Series C as Fasset becomes a unicorn

Fasset raised $68 million in a Series C round led by Japan’s SBI Group on Aug. 24, 2026, valuing the stablecoin neobanking platform at $1 billion. The financing follows a $51 million Series B in May and brings Fasset’s total funding for 2026 to $119 million.

SBI Remit signed a memorandum with Fasset in June to build stablecoin remittance infrastructure. SBI’s payments arm operates a payout network of about 470,000 locations and offers bank-transfer access to roughly 200 countries; Fasset plans to integrate those capabilities into its corridor banking services.

The company reported more than $40 billion in annualised transaction volume, up from $32 billion at the May Series B. Those transactions ran through over 3 million wallets and more than 1,000 enterprise customers in 125 countries. Revenue grew roughly sixfold year over year, and the business has been profitable for twelve consecutive months.

Fasset provides bank-style accounts, cards and payment services to individuals, businesses and institutions. Stablecoins function beneath those products as the settlement layer, so customers do not need to hold or manage tokens directly.

Own Network is Fasset’s infrastructure layer. The company describes it as a proprietary, AI-enabled Ethereum Layer 2 built on Arbitrum that connects banks, telecom operators, payment firms and liquidity providers across 16 blockchains and more than 100 banking corridors. The routing system selects transaction paths by cost, speed and liquidity availability rather than following fixed routes.

The firm focuses on payment corridors in emerging markets across Asia, the Middle East and Africa, where correspondent-banking costs and settlement delays are often high. Fasset also offers a Shariah-compliant product model that has been adopted in the Gulf and South Asia.

The company plans to use the Series C proceeds primarily to expand Own Network, extend regulated connections between banks, telcos, payment providers and liquidity sources, and onboard additional international corridors. Fasset also intends to increase investment in agentic AI systems for corridor routing, stablecoin settlement and tokenised asset services, and to develop lending and trade-finance products for small and medium-sized businesses on its platform.

Mohammad Raafi Hossain, Fasset’s chief executive, said: “The next phase is about any-to-any banking. Any person to any person. Any asset to any asset. Any rail to any rail, anywhere.”

SBI Group holds positions across crypto infrastructure and tokenisation projects and has launched the JPYSC yen stablecoin and tokenised equity initiatives. SBI presented its investment as aligned with its effort to expand on-chain financial services and distribution through its global remittance network.

Fasset published current operating figures for transaction volume, customer reach, revenue growth and a yearlong profitability streak rather than forward projections.