Stablecoin neobank Fasset lands $1 billion valuation as SBI backs its payments push

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 just three months after its previous financing.

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 that earlier round.

Fasset, headquartered in Los Angeles, operates a financial platform that lets consumers and businesses hold, send, spend and invest across currencies and assets, using stablecoins as part of the settlement infrastructure behind the scenes. The company said it processes more than $40 billion in annualized transaction volume across 125 countries.

The firm’s business has expanded sharply over the past year, CEO Mohammad Raafi Hossain told CoinDesk. Revenue has grown roughly six-fold year over year, and the company has been profitable for 12 consecutive months, he said. Fasset did not disclose its revenue or profit figures.

Revenue came mainly from its institutional and retail businesses, including growing stablecoin payments and settlement activity, Hossain said. Cards and bank accounts are beginning to generate new revenue, he added.