Stablecoin neobank Fasset hits $1 billion valuation as SBI leads $68 million Series C

MakeCryippreferred on

• Fasset raised $68 million in a Series C round led by Japan’s SBI Group, valuing the stablecoin-settled digital bank at $1 billion.
• The round follows a $51 million Series B in May, bringing Fasset’s total 2026 funding to $119 million.
• It is SBI’s third Series C lead behind a crypto infrastructure startup since early July, after Gauntlet and EDX Markets.

Fasset, a Los Angeles-based digital bank that settles payments in stablecoins, has crossed a $1 billion valuation for the first time after raising $68 million in a Series C round led by Japan’s SBI Group, the company said Monday.

Fasset said the new money will expand Own Network, its proprietary settlement infrastructure, and support growth across regulated markets, banking corridors and settlement rails.

A four-month sprint to unicorn status

The Series C arrives less than three months after Fasset’s $51 million Series B in May. Combined, the two rounds bring Fasset’s total 2026 funding to $119 million and mark the first time the company has crossed the $1 billion mark.

SBI’s third crypto bet in six weeks

This is not SBI’s first large check into crypto infrastructure this summer. SBI Holdings is reported to have led a $76 million Series C for market infrastructure firm EDX Markets on July 7, then acted as sole investor in a $125 million Series C for risk platform Gauntlet two days later.

Fasset is now the third leg of that run, and the only one built around cross-border payments rather than trading or risk management. The deal also stands out among recent web3 funding updates, with institutional investors increasingly targeting infrastructure tied to stablecoins and digital payments. Between the three deals, SBI has put roughly $269 million behind Series C rounds since early July, each sitting on a different layer of the crypto infrastructure stack.

SBI has separately held equity stakes in Ripple, Circle and DeFi lender Morpho, giving it exposure across issuance, custody, trading and risk in the same season it doubled down on stablecoin settlement through Fasset. The latest deal adds to SBI’s crypto investment strategy, with the group expanding its exposure to infrastructure spanning payments, trading and risk management. If the pace continues into the fall, this reads as a deliberate build-out of a bank-controlled stablecoin rail.

How Fasset got here

Fasset, co-founded by Mohammad Raafi Hossain, runs a platform that lets consumers and businesses hold, send, spend and invest across currencies using stablecoins as settlement infrastructure behind the scenes. As of its May raise, the company said its platform processed more than $32 billion in annualized transaction volume across 125 countries.

SBI’s relationship with Fasset predates this round. In June, SBI Remit, the group’s remittance arm, signed a memorandum of understanding with Fasset to build international remittance infrastructure together, after SBI Investment, Investcorp and Turkish asset manager Arz Portföy backed Fasset’s May Series B.

Fasset’s funding history

• Series C: Aug 2026, raised $68 million, led by SBI Group.
• Series B: May 14, 2026, raised $51 million, with SBI Investment, Investcorp, and Arz Portföy.
• Series A: Apr 15, 2022, raised $22 million, led by Liberty City Ventures and Fatima Gobi Ventures, with Soma Capital and MyAsiaVC.
• Seed: May 1, 2019, raised $4.7 million, backed by Ceras Ventures.
• Total funding: Approximately $145.7 million across four rounds.

Neither company has said whether the SBI Remit collaboration is tied to a specific product timeline. The next signal will be whether SBI keeps writing similarly sized checks into crypto infrastructure through the rest of the year.