Key Highlights
- Los Angeles-based Fasset secured $68 million in funding spearheaded by Japan’s SBI Group, achieving a $1 billion valuation
- The platform handles more than $40 billion in yearly transaction volume spanning 125 nations
- Year-over-year revenue multiplied by six times, with the firm maintaining profitability for a full year
- Operations run on OWN Network, a custom Ethereum Layer 2 solution developed using Arbitrum technology
- Strategic alliance with SBI Remit provides connectivity to approximately 470,000 disbursement points in roughly 200 nations
A stablecoin-powered banking platform headquartered in Los Angeles has achieved unicorn status, securing a $1 billion valuation through a fresh $68 million investment round headed by Japan’s financial giant SBI Group.
This latest capital injection comes after a $51 million fundraising effort completed in May, pushing Fasset’s total 2026 funding haul to $119 million.
Explosive Growth Through Stablecoin Infrastructure
The platform enables both individual users and enterprises to manage, transfer, utilize, and invest across multiple currencies and digital assets. While users may not directly interact with stablecoins, these digital currencies form the backbone of the settlement infrastructure operating behind the platform’s interface.
According to CEO Mohammad Raafi Hossain, the company’s revenue has expanded approximately six times compared to the previous year. Additionally, Fasset has maintained continuous profitability throughout the past 12 months, although specific financial metrics remain undisclosed.
Primary revenue sources include enterprise and consumer-facing operations, encompassing stablecoin-based payment processing and settlement services. Emerging income channels from card products and banking account offerings are beginning to contribute to the revenue mix.
With operations extending across 125 nations, the platform facilitates over $40 billion in annualized payment volume.
The technological foundation relies on OWN Network, a proprietary AI-powered Ethereum Layer 2 framework constructed on Arbitrum. This infrastructure connects financial institutions, telecommunications providers, payment processors, and liquidity sources across more than 100 banking channels.
Users may engage with stablecoins at various touchpoints throughout the platform, transitioning between traditional banking services, payment instruments, or alternative assets while stablecoins facilitate the underlying settlement processes.
Strategic SBI Alliance Broadens Global Footprint
The investment from SBI Group strengthens Fasset’s connection to one of Japan’s most influential financial ecosystems. SBI maintains an extensive portfolio in blockchain and digital assets, having backed companies including Ripple, Circle, and decentralized lending protocol Morpho. The conglomerate also controls cryptocurrency market maker B2C2.
Fasset currently collaborates with SBI Remit, which operates a distribution network encompassing approximately 470,000 cash pickup locations and direct bank transfer capabilities to about 200 countries worldwide.
Both organizations intend to establish additional payment channels throughout Japan, broader Asia, and developing economies, although concrete details regarding new products or specific corridors have not been disclosed.
The company maintains regulatory authorization in the United Arab Emirates, European Union, and select Asian jurisdictions. Fasset’s Shariah-compliant status provides a competitive advantage in Middle Eastern and Southeast Asian territories.
Through a collaboration with Tether, the platform introduced a gold-backed Visa card product. This offering allows customers to make purchases using stablecoins like USDT while accumulating rewards denominated in Tether’s tokenized gold instrument, XAUt.
Incoming funds will support the expansion of OWN Network infrastructure, the development of credit and trade finance capabilities, and advancement of Fasset’s artificial intelligence systems that optimize transaction routing based on factors including cost efficiency, processing speed, and network availability.
While Fasset and SBI have not announced particular new payment corridors or collaborative products, both parties indicate their objective is merging Fasset’s technological infrastructure with SBI’s regulatory expertise and comprehensive financial ecosystem.
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