Fasset Raises $68M Series C at $1B Valuation to Scale Stablecoin Banking Infrastructure
Fasset, a stablecoin neobanking platform founded by Mohammad Raafi Hossain and Daniel Ahmed, closed a $68 million Series C funding round at a $1 billion valuation. Japan's SBI Group led the investment. The round follows a $51 million Series B earlier this year, bringing the startup's total 2026 funding to $119 million and its cumulative capital to over $150 million since its 2019 inception.
Network Expansion and Automation
Fasset will allocate the new capital to scale its Own Network, a regulated infrastructure that connects banks, telecommunications companies, payment providers, and settlement networks across more than 100 banking corridors. The company plans to increase investment in automated artificial intelligence software to support cross-border banking, stablecoin settlements, and tokenized asset infrastructure.
The deal strengthens Fasset's ties with SBI Group. Yoshitaka Kitao, Chairman, President, and CEO of SBI Holdings, stated the Japanese financial firm views Fasset as a bridge connecting Japan with growth markets in the Asia-Pacific, Middle East, and Africa.
"Fasset’s vision of a world in which money moves across borders as easily as information does point in the same direction as the on-chain economic zone that the SBI Group seeks to realize through digital finance," Kitao said.
Cross-Border Banking Strategy
Co-founder and CEO Mohammad Raafi Hossain centers the company's strategy on facilitating transactions across different assets and networks globally, irrespective of the user's location.
"The banking system is broken. It’s not enough to build another financial front on current rails," Hossain said. "We are investing deeper into the stack, from licenses in emerging markets to enabling automated payments, to rebuild the way we do banking from the ground up."
Operational Metrics
Fasset operates across the Gulf Cooperation Council (GCC), Asia, and Europe, managing consumer, business, and institutional products. The company's current operating metrics include:
- More than $40 billion in annualized transaction volume.
- 3 million active wallets globally.
- Over 1,000 enterprise clients.
- Active operations spanning 125 countries.
The Series C funding supports Fasset's long-term expansion strategy, merging regulated banking infrastructure, stablecoin settlements, and automated transaction routing into a single platform.