Stablecoin-focused digital bank Fasset said Monday it has raised $68 million in a funding round led by Japan’s SBI Group, valuing the company at $1 billion, CoinDesk reported.
The round and recent growth #
The investment follows a $51 million round 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. Chief executive Mohammad Raafi Hossain said revenue has grown roughly six-fold year over year and that the Los Angeles-headquartered company has been profitable for 12 consecutive months, though it did not disclose specific figures. Fasset said it processes more than $40 billion in annualized transaction volume across 125 countries, with cards and bank accounts beginning to generate new revenue alongside its institutional and retail businesses.
OWN Network and the SBI tie-up #
Fasset’s platform runs on OWN Network, a proprietary, AI-enabled Ethereum Layer 2 built on Arbitrum that connects banks, telecom companies, payment firms and liquidity providers across more than 100 banking corridors. Stablecoins act as the behind-the-scenes settlement layer even when customers are not explicitly sending them, with cross-border transfers passing through fewer correspondent banks along the way. Once used mainly to move money between exchanges, stablecoins are increasingly playing a role in remittances, corporate treasury operations and international payments, particularly in emerging markets.
The deal deepens Fasset’s ties to SBI, one of the more active traditional financial groups in digital assets. SBI has backed Ripple, Circle and DeFi lender Morpho and owns crypto liquidity provider B2C2. Fasset already works with SBI Remit, giving it access to a remittance network spanning about 470,000 locations and transfers to roughly 200 countries.
Where the capital goes #
Hossain said the companies want to connect more corridors and financial rails across Japan, Asia and other emerging markets, though specific products and new corridors have not yet been named. The new capital will also fund expansion of OWN Network and Fasset’s AI systems, which route transactions across payment rails, currencies and liquidity providers based on cost, speed and availability.
As a regulated platform handling customer funds across many jurisdictions, Fasset’s growth spotlights the compliance requirements platforms now demand.