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Stablecoin-focused digital bank Fasset has raised $68 million in new funding led by Japan’s SBI Group, valuing the Los Angeles-headquartered firm at $1 billion. The round follows a $51 million raise in May, bringing its 2026 funding total to $119 million.
FundraisingAug 24, 2026
2min read
byCryptoRank
Stablecoin-focused digital bank Fasset has raised $68 million in fresh capital led by Japan’s SBI Group, giving the company a $1 billion valuation just three months after its previous financing, CoinDesk reported.
The latest round follows a $51 million raise in May, bringing Fasset’s total funding this year to $119 million. Early backer Speedinvest and a group of strategic investors participated in the earlier round, while valuation terms for that financing were not disclosed.
Headquartered in Los Angeles, Fasset operates a platform that lets consumers and businesses hold, send, spend and invest across multiple currencies and assets, using stablecoins as settlement infrastructure. The company said it processes more than $40 billion in annualized transaction volume across 125 countries.
CEO Mohammad Raafi Hossain told CoinDesk that Fasset’s business has expanded sharply over the past year, with revenue growing roughly six-fold year over year and the firm profitable for 12 consecutive months. Fasset did not disclose absolute revenue or profit figures, but said growth has been driven by institutional and retail activity, including stablecoin payments and settlement, with cards and bank accounts emerging as new revenue lines.
Fasset’s stack runs on OWN Network, a proprietary, AI-enabled Ethereum Layer 2 built on Arbitrum that links banks, telecoms, payment firms, liquidity providers and other institutions across more than 100 banking corridors. Stablecoins function as the underlying settlement layer even when end users are transacting in fiat products rather than explicitly handling stablecoins.
The new capital deepens Fasset’s relationship with SBI and gives it broader access to the Japanese group’s financial network. SBI has been an active traditional finance investor in digital assets, with positions in Ripple, Circle and Morpho, and ownership of crypto liquidity provider B2C2 alongside various blockchain and stablecoin infrastructure bets.
Hossain said Fasset already works with SBI Remit, tapping a remittance footprint of roughly 470,000 locations and bank transfers to around 200 countries. The companies aim to connect additional payment corridors across Japan, Asia and other emerging markets, although they have yet to disclose specific new products or routes.
According to Hossain, the opportunity is to pair Fasset’s infrastructure and distribution with SBI’s regulatory capabilities and portfolio of licensed financial entities. The capital will also be used to expand OWN Network and Fasset’s AI systems, which dynamically route transactions across payment rails, currencies, liquidity providers and settlement methods based on cost, speed and availability.
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Source: cryptorank.io