Fasset reaches $1 billion valuation on SBI-led funding round
Fasset, a stablecoin neobanking platform, has raised $68 million in Series C funding at a $1 billion valuation in a round led by Japan’s SBI Group, the company said in a statement dated August 24 from Los Angeles. The financing follows a $51 million Series B in May and brings the company’s total raised this year to $119 million.
The capital will support expansion of Own Network, the company’s regulated infrastructure connecting banks, telecommunications operators, payment providers, liquidity providers, custodians and settlement networks across more than 100 banking corridors. Stablecoins serve as settlement infrastructure within parts of that network, while customers hold conventional accounts rather than managing the settlement layer directly.
Fasset will also increase investment in AI systems supporting corridor banking, stablecoin settlement and tokenised asset infrastructure. The company says its systems route transactions across currencies, payment rails, liquidity providers and settlement methods according to cost, speed and availability, according to Tech Startups.
“Fasset is building the regulated infrastructure that helps people and businesses in growth markets access stablecoins, global assets and cross-border rails,” said Stefan Klestil, general partner at Speedinvest, which joined the cap table through the Series B and remains an investor.
The company plans to use SBI’s financial network to expand payment corridors across Japan, Asia and emerging markets, CoinDesk reported. Founded in 2019 by Mohammad Raafi Hossain and Daniel Ahmed, Fasset processes more than $40 billion in annualised transaction volume and serves over 3 million wallets and more than 1,000 enterprises across 125 countries, operating through regulated entities in the Gulf Cooperation Council states, Asia and Europe.
Total dollar-pegged stablecoin supply has grown beyond $290 billion, with Tether’s USDT accounting for more than $183 billion and Circle’s USDC for $73.6 billion, according to The Block.
