Fasset, an AI-powered stablecoin neobanking platform, has raised $68 million in a Series C round led by Japan's SBI Group, pushing its valuation to $1 billion and marking its move into unicorn territory, the company announced.
The round follows a $51 million Series B in May that brought Vienna-based Speedinvest onto Fasset's cap table, bringing the company's total funding raised this year to $119 million and its lifetime total past $150 million, according to Fasset's announcement. Founded in 2019, the company says it now processes more than $40 billion in annualized transaction volume across 3 million wallets and works with more than 1,000 enterprise clients spanning 125 countries.
Betting on "any-to-any" banking
Fasset's platform lets customers hold, move and invest across currencies and asset classes through a single account, using stablecoins as settlement rails in place of traditional correspondent banking. The new capital will expand Own Network, the company's regulated financial infrastructure connecting banks, telecoms and payment providers, and deepen its AI tooling for stablecoin settlement, tokenization and what it calls corridor banking.
The next phase is about any-to-any banking. We built Fasset to address a simple problem: access to financial opportunity still depends too heavily on where someone lives.
Mohammad Raafi Hossain, CEO of Fasset
SBI Group, one of Japan's largest financial holding companies and a long-active investor in blockchain and digital-asset ventures, gives Fasset a well-capitalized strategic partner with deep roots in Asian financial infrastructure as regulators in multiple jurisdictions move to formalize stablecoin rules. The deal was also reported by CoinDesk, which said Fasset's revenue has grown roughly sixfold over the past year and that the company has been profitable for 12 consecutive months.
The raise lands as stablecoin-focused fintechs draw growing venture interest, with investors betting that regulated digital-dollar rails will increasingly compete with legacy cross-border payment networks, particularly in emerging markets where Fasset has concentrated its enterprise partnerships. That thesis has drawn a widening field of competitors, from established stablecoin issuers to bank-backed payment consortia, all racing to capture settlement volume as more jurisdictions formalize digital-asset rules. Fasset's pitch is that it sits closer to the end customer than pure infrastructure players, combining the neobank account layer with the settlement rails underneath it.
The company has not disclosed a timeline for a public listing. For now, Hossain has framed the SBI-led round as fuel for geographic expansion rather than a step toward an exit, with Own Network positioned as the connective layer between Fasset's retail wallets and the banks and telcos it is signing up as partners.