Fasset Crosses Unicorn Threshold With $68 Million Series C Led by Japan's SBI Group
Fasset Crosses Unicorn Threshold With $68 Million Series C Led by Japan’s SBI Group #
Fasset reached a $1 billion valuation after closing a $68 million Series C funding round led by Japan’s SBI Group. The raise came three months after the Los Angeles-based company closed a $51 million Series B in May, bringing its total 2026 fundraising to $119 million.
Fasset said it will use the capital to expand Own Network, its regulated financial infrastructure built as an Ethereum Layer 2 on Arbitrum. The network connects banks, telecoms, payment firms, and liquidity providers across more than 100 international banking corridors. The company also plans to increase investment in agentic AI systems for cross-border corridor banking, stablecoin settlement, and tokenised asset infrastructure.
The platform now processes more than $40 billion in annualised transaction volume and serves over three million wallets across 125 countries and more than 1,000 enterprise clients globally. Co-founder and CEO Mohammad Raafi Hossain told CoinDesk that revenue has grown roughly six-fold year over year and that Fasset has been profitable for 12 consecutive months, though he declined to disclose specific figures.
The deal extends Fasset’s existing relationship with SBI Group, a Tokyo-based financial conglomerate with stakes in Ripple, Circle, and Morpho and ownership of crypto liquidity provider B2C2. Through the partnership, Fasset gains access to SBI Remit’s payout network at approximately 470,000 locations across around 200 countries, expanding its cross-border payments reach across Japan, Asia, and emerging markets.
Fasset’s model keeps stablecoin infrastructure largely invisible to end users. Consumers and businesses can hold, move, spend, and invest across currencies and asset classes while stablecoins operate as the underlying settlement layer rather than as products customers interact with directly. The company holds regulatory authorisations across the GCC, Asia, Europe, and other international markets.
The round arrives as total USD-pegged stablecoin supply has surpassed $290 billion globally. Competition in cross-border payments has grown as crypto-native platforms position themselves as alternatives to legacy wire and remittance infrastructure. Few stablecoin-focused startups have reached that valuation on the basis of payments and settlement volume rather than trading activity.
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