Fasset Reaches $1 Billion Valuation After SBI Investment
SBI Group's new round gives Fasset extra firepower in stablecoin payments and remittances. The company says it is already active in 125 countries and is working on further links between Japan, Asia, and emerging markets.
Key Takeaways
- Stablecoin bank Fasset raised $68 million led by SBI Group and reached a $1 billion valuation.
- The new round came three months after an earlier $51 million funding round; total funding this year now stands at $119 million.
- Fasset says it processes more than $40 billion in annualized transaction volume across 125 countries and has already been profitable for 12 months.
Stablecoin bank Fasset has raised $68 million (€58.1 million) in a new funding round led by Japan's SBI Group. That puts the company's valuation at $1 billion (€0.9 billion), just three months after its previous funding round. The move highlights how quickly the market for stablecoin payments and settlement is developing, while Fasset continues building out its platform for consumers and businesses.
New Round After May
The new investment follows a $51 million (€43.6 million) round in May. Together, that brings Fasset's funding this year to $119 million (€102 million). Speedinvest and a group of strategic investors also joined earlier this year.
Fasset is based in Los Angeles and offers a financial platform that lets users hold, send, spend, and invest money and assets across multiple currencies. Stablecoins mainly play a behind-the-scenes role as the settlement layer. According to the company, Fasset processes more than $40 billion (€34.2 billion) in annualized transaction volume across 125 countries.
CEO Mohammad Raafi Hossain said revenue has grown about sixfold over the past year. He also said the company has been profitable for 12 straight months. Fasset did not share exact revenue or profit figures.
SBI Expands Its Role
SBI Group's involvement fits into a broader strategy by the Japanese financial group to build a bigger position in digital assets. SBI has also recently taken stakes in, among others, Boerse Stuttgart Digital and Digital Asset, and through several subsidiaries it is working on services around issuance, custody, and institutional trading.
For Fasset, the new round means not just extra capital, but also closer access to SBI's network. The company already works with SBI Remit and says that through that route it has access to a remittance network with about 470,000 locations and bank transfers to around 200 countries.
Hossain said Fasset wants to work with SBI on more connections between Japan, Asia, and other emerging markets. The companies have not named any concrete new products or corridors yet. Fasset does want to further expand its Own Network, along with the AI systems that route transactions across payment rails, currencies, liquidity providers, and settlement methods.
Why This Matters
The deal shows that stablecoins are increasingly being used as infrastructure for payments and settlement, not just as a way to move money between crypto exchanges. For European readers, the big takeaway is that major financial groups like SBI are tying their digital asset businesses more closely to existing banking and remittance channels. That could mean stablecoin services are becoming more deeply woven into traditional financial rails, without needing a new product launch right away.
Use of stablecoins as a payment rail is also growing outside the institutional world. For example, stablecoin card spending jumped above $1 billion (€0.9 billion) in July, showing that the technology is showing up more and more in everyday payments.
