Los Angeles-based Fasset, a digital bank that uses stablecoins for payment settlement, has secured $68 million in a Series C funding round led by Japan’s SBI Group. The transaction values the company at $1 billion and comes less than three months after a $51 million Series B completed in May.

Combined, the two rounds bring Fasset’s total fundraising in 2026 to $119 million. The latest capital will support expansion of the firm’s proprietary settlement infrastructure and additional banking corridors across Asia and emerging markets.

Rapid Growth in Transactions and Revenue

Fasset operates a platform that enables consumers and businesses to hold, send, spend and invest across currencies and assets. Stablecoins function as the underlying settlement layer even when users interact primarily with traditional bank accounts, cards or local currencies.

The company now processes more than $40 billion in annualized transaction volume across 125 countries, up from more than $32 billion reported at the time of its May financing. Chief executive and co-founder Mohammad Raafi Hossain said revenue has increased roughly sixfold year over year. He also stated that the firm has remained profitable for 12 consecutive months. Specific revenue and profit figures were not disclosed.

Revenue currently derives mainly from institutional and retail activities, including stablecoin payments and settlement. Cards and bank accounts are beginning to contribute additional income, according to Hossain.

Own Network and Infrastructure Expansion

Fasset’s operations run on Own Network, a proprietary, AI-enabled Ethereum Layer 2 built on Arbitrum technology. The network links banks, telecommunications companies, payment firms, liquidity providers and other institutions across more than 100 banking corridors. Artificial intelligence routes transactions according to cost, speed and availability.

Part of the new funding will go toward expanding Own Network and further developing the AI routing systems. Fasset holds regulatory approvals in several jurisdictions, including the United Arab Emirates, Indonesia, Malaysia, the European Union, Türkiye and Pakistan. Product availability varies by market.

Partnership With SBI Group

The Series C deepens an existing relationship with SBI. Fasset already collaborates with SBI Remit, the group’s remittance arm, which provides access to a network spanning roughly 470,000 locations and bank-account transfers to about 200 countries. The two firms previously signed a memorandum of understanding to develop international remittance infrastructure.

Hossain said the companies aim to combine Fasset’s technology and distribution with SBI’s regulatory capabilities and broader portfolio of financial businesses. Specific new products or corridors have not yet been announced.

SBI Group has been active in digital assets, with equity stakes in firms including Ripple and Circle, ownership of crypto liquidity provider B2C2, and recent investments in other infrastructure platforms. The Fasset deal represents another step in the Japanese conglomerate’s expansion into stablecoin-related payments and settlement.

Funding Trajectory

Prior to the 2026 rounds, Fasset raised $22 million in a Series A in 2022 and $4.7 million in a seed round in 2019. Total capital raised across its history stands at approximately $145.7 million. Early backer Speedinvest and additional strategic investors participated in the latest financing alongside SBI Group.

The company plans to direct the new resources toward infrastructure growth, AI capabilities and broader connectivity with financial institutions, while continuing to scale its payments, banking and settlement services in regulated markets.