Digital bank Fasset, utilizing stablecoins in its payment and settlement infrastructure, has raised $68 million in a new funding round. The investment was led by the Japanese corporation SBI Group. Following this round, the company's valuation has reached $1 billion. In May 2026, Fasset had already raised $51 million, bringing the total funding received this year to $119 million.
According to Fasset's CEO Mohammad Raafi Hosseini, the company's revenue has grown approximately sixfold year-on-year, and the business has remained profitable for 12 consecutive months. Specific financial figures are not disclosed. The main revenue streams come from institutional and retail segments, particularly payments and settlements in stablecoins. An additional source of income is the issuance of cards and the opening of bank accounts.
Fasset's business operates on its own L2 infrastructure Ethereum called OWN Network, which is built on Arbitrum and utilizes artificial intelligence systems. The network connects banks, telecommunications companies, and payment services across more than 100 banking corridors. Clients interact with stablecoins at various points on the platform, transferring funds between accounts and currencies, while digital assets provide the settlement infrastructure at the base level.
Fasset plans to use the raised funds to expand the OWN Network and develop AI systems. These algorithms route transactions through various payment channels and liquidity providers, taking into account the cost, speed, and availability of operations. The new round also deepens collaboration with SBI Group and opens access to its financial network. The company is already working with SBI Remit, providing access to a remittance network in approximately 200 countries worldwide. In the future, Fasset aims to combine its own infrastructure with SBI's regulatory capabilities to develop payment corridors in Japan, Asia, and other emerging markets.