Fasset raises $68m Series C at $1bn valuation, backed by SBI Group. Dubai-based stablecoin platform Fasset has closed a $68 million round led by Japan's SBI Group, becoming a unicorn less than three years after it first secured a VARA broker-dealer licence. Rudri Mehta Kachhy CAPITAL & DEALS CORRESPONDENT Fasset, a Dubai-based stablecoin neobanking platform, has raised $68 million in a Series C round led by Japan's SBI Group, valuing the company at $1 billion, the company announced on 24 August 2026. It is Fasset's second funding round this year, following a $51 million Series B in May, taking its total raised in 2026 to $119 million. A licence that predates the round by three years. Fasset was founded in Los Angeles in 2019 by Mohammad Raafi Hossain and Daniel Ahmed, who both previously worked inside the UAE Prime Minister's Office, Hossain advising on policy, strategy and innovation, Ahmed as a senior analyst on artificial-intelligence policy. That government background predates the company's current pitch: Fasset started as a Sharia-compliant platform for buying fractional shares of gold and real-world assets, not the corridor-banking infrastructure business it has become. The company now describes its business as regulated infrastructure connecting banks, telecom operators and payment providers across more than 100 corridors, reporting $40 billion in annualised transaction volume, 3 million wallets and more than 1,000 enterprise clients across 125 countries. That volume figure has climbed fast: Fasset reported $32 billion in annualised transaction volume in June 2026, when it partnered with Tether to launch a gold-backed Visa card offering cashback in XAU₮, putting the increase to $40 billion at roughly 25% over two months, on the company's own figures. Fasset also holds regulatory approvals in Indonesia, Malaysia, the EU, Turkey and Pakistan. "The banking system is broken," said Mohammad Raafi Hossain, Fasset's co-founder and chief executive. "It's not enough to build another financial front on current rails. The next phase is about any-to-any banking: any person to any person, any asset to any asset, any rail to any rail, anywhere." What SBI is actually buying into. SBI Group already holds stakes in Ripple, Circle, Morpho and B2C2, and its remittance arm, SBI Remit, operates in roughly 200 countries. Yoshitaka Kitao, chairman and chief executive of SBI Holdings, said Fasset could act as "a financial bridge connecting Japan with high-growth markets," a framing that positions this round as distribution access for SBI's existing crypto portfolio rather than a standalone bet on Fasset alone. The capital is earmarked for expanding Fasset's Own Network infrastructure and for agentic AI systems aimed at corridor banking, stablecoin settlement and tokenised-asset infrastructure, according to the company. No post-money cap table has been disclosed, so the ownership split after SBI's lead investment isn't public. A funding curve that only bent this year. Fasset raised $22 million across two rounds before this year: an undisclosed seed round led by Ceras Ventures, then a $22 million Series A in 2022. It has now raised more than five times that in 2026 alone, across the $51 million Series B and this $68 million Series C, a step-change that lines up with the period Fasset began describing itself as a stablecoin neobank rather than a digital-asset investment platform. Fasset's $40 billion annualised volume figure and its enterprise-client count are self-reported. Neither has been independently audited, and the company has not broken down how concentrated that volume is across its 125 markets versus its named corridors. Whether SBI's remittance network turns into a specific, live integration, rather than a line in an announcement, is the detail worth tracking next.

Fasset raises $68 million Series C at $1 billion valuation. The AI-powered stablecoin neobanking platform secured the round from SBI Group as it expands its regulated financial network across emerging markets. Prefer on Google Discover more financial group Fasset, an AI-powered stablecoin neobanking platform, has raised $68 million in a Series C funding round led by Japanese financial services group SBI Group at a valuation of $1 billion. The financing follows a $51 million Series B round earlier this year and brings the company's total funding raised in 2026 to $119 million. The new investment gives Fasset unicorn status and provides capital to expand its financial infrastructure, stablecoin capabilities and agentic AI systems across international markets. SBI Group deepens strategic partnership. SBI Group's investment strengthens an existing relationship between the Japanese financial group and Fasset, with the companies targeting closer integration between Japan and emerging markets across Asia-Pacific, the Middle East and Africa. Yoshitaka Kitao, CEO of SBI Holdings, said Fasset has established a strong business foundation that aligns with SBI's vision for an on-chain digital economic zone. The partnership is intended to support the development of financial infrastructure connecting different markets and payment systems. Fasset will also build on a previously announced relationship with SBI Remit, which provides access to a network supporting bank remittances to nearly 200 countries. SBI Group's broader digital finance ecosystem includes investments in companies such as Ripple and Circle, placing Fasset alongside other businesses focused on blockchain-based financial infrastructure. Fasset targets cross-border banking barriers. Fasset's strategy is centered on reducing the geographic restrictions associated with traditional financial systems. CEO Mohammad Raafi Hossain has described the existing banking structure as fragmented and said the company's objective is to create what it calls "any-to-any banking." The model is designed to allow value to move between people, assets and payment rails across different markets without requiring users to navigate the underlying financial infrastructure themselves. Discover more Investment The latest funding will support the expansion of Own Network, Fasset's regulated financial network connecting banks, payment providers and other financial institutions. Stablecoins and AI power transaction infrastructure. Own Network currently connects more than 100 banking corridors and is designed to provide customers with access to financial services across currencies and markets. Stablecoins form an important part of the network's settlement infrastructure, allowing value to move between markets while reducing reliance on traditional cross-border payment processes. Fasset also uses AI to route transactions across payment rails and liquidity providers. The system evaluates factors including cost, transaction speed and liquidity availability to determine suitable routes. A portion of the new capital will be directed toward expanding Fasset's agentic AI capabilities, including applications for corridor banking, stablecoin settlement and tokenized asset infrastructure. Platform processes more than $40 billion. Fasset says it is now processing more than $40 billion in annualized transaction volume and serves more than three million wallets and over 1,000 enterprises across 125 countries. The company also has a regulatory presence across markets in the Gulf Cooperation Council, Asia and Europe, supporting its strategy of connecting local financial systems with international payment networks. The latest financing follows Fasset's $51 million Series B earlier in 2026. Combined with the new Series C, the company has raised $119 million during the year. Stefan Klestil of existing investor Speedinvest said Fasset's focus on regulated infrastructure provides users with access to stablecoins and global assets. The Series C gives Fasset additional capital to expand Own Network, develop its AI-powered financial infrastructure and strengthen partnerships as it seeks to connect more financial markets through stablecoins and digital assets.

Stablecoin platform Fasset hits $1bn valuation. US-based start-up Fasset, which is described as an AI-powered stablecoin neobanking platform, has reached unicorn status after its latest fund raising effort. Series C funding raised $68m, led by Tokyo-based SBI Group, and followed a series B round of $51m earlier this year. The capital will be used to expand Fasset's regulated network, Own Network, which is designed to enable cross-border settlement for member banks and liquidity providers. Fasset will also invest in its agentic-AI enabled systems to further develop tokenisation services. According to Fasset, it now serves more than 3 million wallets and more than 1,000 enterprises and processes more than $40bn in annual transaction volume. "We built Fasset to address a simple problem: access to financial opportunity still depends too heavily on where someone lives and the financial system available to them," said Mohammad Raafi Hossain, Fasset's co-Founder and CEO. "The banking system is broken. It's not enough to build another financial front on current rail... The next phase is about any-to-any banking. Any person to any person. Any asset to any asset. Any rail to any rail, anywhere." By on 2026-08-24 07:00:00