Fasset Raises $68 Million at $1 Billion Valuation with Backing from SBI

cryptonews.ruPublished on 2026-08-24Last updated on 2026-08-24

Abstract

Digital banking platform Fasset has raised $68 million in a new funding round led by Japan's SBI Group, achieving a post-money valuation of $1 billion. Combined with a $51 million raise in May 2026, the company has secured $119 million this year. Fasset's CEO, Mohammad Raafi Hossain, reported that annual revenue has grown approximately sixfold and the business has been profitable for 12 consecutive months. Revenue primarily comes from institutional and retail payments and settlements using stablecoins, with cards and bank accounts emerging as new income streams. Fasset operates on its own Ethereum Layer-2 infrastructure, OWN Network, built on Arbitrum and utilizing AI systems. This network connects financial institutions across over 100 banking corridors. The newly raised capital will be used to expand OWN Network and develop AI systems that optimize transaction routing based on cost, speed, and availability. The partnership with SBI provides Fasset access to the group's extensive financial network in Japan and Asia, with plans to collaborate further with SBI's portfolio companies and expand into new markets.

Digital bank Fasset, which utilizes stablecoins as part of its payment and settlement infrastructure, has raised $68 million in a new funding round. The investment was led by Japan's SBI Group, according to CoinDesk.

Following the new round, the company's valuation has reached $1 billion. In May 2026, Fasset also raised $51 million, bringing the total funding secured this year to $119 million.

According to Fasset CEO Mohammad Raafi Hossain, the company's revenue has grown approximately sixfold year-over-year. Furthermore, the business has remained profitable for 12 consecutive months.

Fasset does not disclose specific revenue and profit figures. Primary revenue streams are driven by institutional and retail segments, particularly payments and settlements in stablecoins. Cards and bank accounts are also emerging as new revenue sources, the announcement stated.

Expansion of Own Network

CoinDesk noted that Fasset's business operates on its own Ethereum L2 infrastructure called OWN Network, which is built on Arbitrum and utilizes artificial intelligence systems. The network connects banks, telecommunications companies, payment firms, liquidity providers, and other financial institutions across more than 100 banking corridors.

"Customers interact with stablecoins at many different points on our platform. They can transfer funds between a bank account, a payment product, a currency, or another asset, while stablecoins provide the settlement infrastructure under the hood," said Hossain.

Fasset plans to use the raised funds to expand Own Network and develop the AI systems that route transactions through various payment channels, currencies, liquidity providers, and settlement methods. These systems consider parameters such as cost, speed, and transaction availability.

Furthermore, the new funding round deepens Fasset's collaboration with SBI and grants the company access to the broader financial network of the Japanese group. According to Hossain, Fasset plans to collaborate with other companies in SBI's portfolio. The company already works with SBI Remit, providing access to a money transfer network spanning approximately 200 countries worldwide.

"Together, we aim to connect more corridors and financial channels in Japan, Asia, and other emerging markets," said the Fasset CEO.

Specific new products or payment corridors have not been announced yet. According to Hossain, Fasset expects to combine its own infrastructure and distribution with SBI's regulatory capabilities and the network of its financial companies.

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