Fasset achieves $1B valuation with SBI backing for stablecoin payments expansion

Fasset, a Los Angeles-based neobank built on stablecoin rails, has crossed the unicorn threshold after closing a $51 million Series B funding round that values the company at roughly $1.05 billion. Japanese financial heavyweight SBI Group led the charge alongside Investcorp and Turkish firm Arz Portföy, signaling that traditional finance players are increasingly comfortable betting serious money on crypto-native payment infrastructure.

The round brings Fasset’s total funding past $78 million and arrives at a moment when stablecoin-powered remittances are shifting from niche experiment to genuine competitive threat against legacy money transfer networks.

Building a 125-country payments machine

Fasset’s pitch centers on a problem that’s easy to understand but brutally hard to solve: moving money across borders cheaply, quickly, and compliantly. The company now processes $32 billion in annualized transaction volume across more than 50 payment corridors spanning Asia, Africa, and the Middle East, reaching users in 125 countries.

The fresh capital will fund expansion of the company’s proprietary Own Network, which is designed specifically for cross-border stablecoin transactions. It will also go toward building out lending services and trade finance operations.

Founded by Mohammad Raafi Hossain and Daniel Ahmed, Fasset holds regulatory approvals in the UAE, the EU, and parts of Asia. The company is also Shariah-compliant, a meaningful differentiator when operating in markets across the Middle East and Southeast Asia where Islamic finance principles govern a significant share of banking activity.

The SBI connection changes the equation

On June 29, 2026, Fasset announced a strategic partnership with SBI Remit to build an AI-powered money movement system backed by stablecoins. SBI Remit brings cumulative transaction volume of JP¥2.5 trillion to the table, roughly $16 billion at current exchange rates, along with an extensive payout network across Asia.

Gold-backed Visa cards and the Tether partnership

Fasset has partnered with Tether to launch a gold-backed Visa card that lets users spend stablecoins, including USDT, while earning rewards denominated in Tether’s tokenized gold product, XAUt.

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