Stablecoin-powered digital banking platform Fasset has closed a $68 million Series C led by SBI Holdings, reaching a $1 billion valuation and joining the crypto-native unicorn club. The fresh capital will fund the expansion of its proprietary Ethereum Layer 2 and AI-driven routing systems.
🔑 Key Takeaways
- Fasset raised $68M in a Series C, valuing the company at $1 billion
- SBI Holdings led the investment, following a $51M Series B in May
- Total raised in 2026: $119 million
- $40 billion annualized transaction volume across 125 countries, 3M+ wallets
- Capital will fund OWN Network (Layer 2 on Arbitrum) and AI systems
SBI Holdings doubles down on digital assets
Japanese financial conglomerate SBI Holdings is reinforcing its position as one of the most active traditional finance players in digital assets. Already invested in Ripple, Circle, and DeFi lender Morpho — and owner of crypto liquidity provider B2C2 — SBI is leading Fasset’s Series C announced on August 24, 2026.
The deal values the platform at $1 billion and lifts Fasset’s total raised since January to $119 million, including the Series B closed in May ($51M, co-led with Bahrain-based Investcorp and Turkish asset manager Arz Portföy).
« Fasset has built a strong business and regulatory foundation across emerging markets. »
Yoshitaka Kitao, Representative Director, Chairman and CEO of SBI Holdings
Kitao framed Fasset as a potential financial bridge between Japan and high-growth markets — a thesis consistent with SBI’s broader playbook in blockchain infrastructure and stablecoins.
A stablecoin-first infrastructure
Fasset runs a platform that lets consumers and businesses hold, send, spend, and invest across multiple currencies and assets. Stablecoins serve a dual purpose: customer-facing interface and underlying settlement rail (the technical layer that executes and finalizes transactions).
« Customers interact with stablecoins at various points across our platform, while stablecoins provide the settlement rail underneath. »
Mohammad Raafi Hossain, CEO of Fasset
Revenue is generated across several institutional and retail lines:
- Stablecoin payments for cross-border transfers
- On-chain settlement services
- Card issuance backed by digital assets
- Multi-currency bank accounts
The company noted that card services and bank accounts are starting to contribute new revenue streams beyond its historical payments business.
Operational metrics and growth
Fasset posts significant global traction, with annualized transaction volume exceeding $40 billion across 125 countries. More than 3 million wallets and over 1,000 businesses currently run on the company’s infrastructure.
| Metric | Value |
|---|---|
| Post-money valuation | $1 billion |
| Series C (August 2026) | $68M |
| Series B (May 2026) | $51M |
| Total raised in 2026 | $119M |
| Annualized volume processed | $40B |
| Countries covered | 125 |
| Active wallets | 3M+ |
| Business clients | 1,000+ |
| Revenue growth (YoY) | ~6x |
| Consecutive profitable months | 12 |
Revenue grew roughly six-fold year-over-year, and the company has been profitable for 12 consecutive months, though exact figures have not been publicly disclosed.
Capital deployment and roadmap
The fresh capital will fund several strategic pillars. First, the development of OWN Network, Fasset’s proprietary Ethereum Layer 2 (a secondary network built on top of a parent blockchain to improve speed and reduce costs) built on Arbitrum. The infrastructure is designed to lower settlement costs and increase throughput.
Second, investments in AI systems powering transaction routing — the automated selection of the best on-chain path based on cost, latency, and available liquidity.
Fasset also plans to leverage SBI’s financial network to expand further into Japan, Asia, and other emerging markets. Its partnership with SBI Remit unlocks access to roughly 470,000 transfer points and remittances to about 200 countries.
Conclusion
This round cements Fasset’s position as a leading player in stablecoin banking (banking services built around stablecoins) for emerging markets and a visible target in SBI Holdings’ Asian expansion strategy. Combining profitability with a $1 billion valuation opens a new investment cycle for hybrid platforms bridging on-chain rails and traditional banking services.
Key milestones to watch: the production launch of OWN Network, the opening of the Japanese market via SBI Remit, and the trajectory of newer revenue lines (cards, accounts). An IPO remains hypothetical today, but the current path could make it plausible by 2027-2028 if growth holds.
Sources
This article is for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
