Fasset raised $68 million in a Series C led by Japan’s SBI Group at a $1 billion valuation on 24 August 2026, turning the stablecoin neobank — Los Angeles-founded, and licensed out of Dubai — into a fintech unicorn and pushing its 2026 fundraising total to $119 million.
What the round buys
In a Business Wire release dated 24 August (also covered by The Block), Fasset said the capital will expand Own Network, its regulated infrastructure that connects banks, telcos, payment providers, and liquidity partners across more than 100 banking corridors. The company also plans heavier investment in AI systems that route corridor banking, stablecoin settlement, and tokenized-asset flows.
The Series C follows a $51 million Series B in May that brought Speedinvest onto the cap table. Company figures now put cumulative funding above $150 million. Fasset says it processes more than $40 billion in annualized transaction volume across 3 million-plus wallets in 125 countries, plus 1,000-plus enterprise clients. Those volume and wallet counts are company claims, not an audited print.
CEO and co-founder Mohammad Raafi Hossain framed the next phase as “any-to-any banking”: person to person, asset to asset, rail to rail. The product surface is a financial account for receiving, holding, moving, spending, and investing across currencies; stablecoins sit underneath as settlement plumbing so customers do not have to manage the rails themselves.
Why SBI is writing the check
Yoshitaka Kitao, chairman and CEO of SBI Holdings, said Fasset’s cross-border money thesis lines up with the group’s on-chain economic-zone plans, and that SBI wants a stablecoin remittance and settlement layer stretching from Asia-Pacific into the Middle East and Africa. SBI already invests across digital assets (including stakes linked to Ripple, Circle, and Morpho) and runs group businesses such as market-maker B2C2.
The commercial hook for Fasset is access to that ecosystem, including the previously announced SBI Remit partnership that Fasset says supports bank-account remittances to roughly 200 countries. Speedinvest partner Stefan Klestil kept the firm’s support on the record, calling Fasset regulated infrastructure for growth-market access to stablecoins and cross-border rails.
Remittance demand is already the product test
Fasset’s home page lists Mexico, Brazil, and Argentina among the countries it serves, alongside a heavier footprint in the GCC, South Asia, and Southeast Asia. The company is not announcing a Brazil or Mexico product launch with this round. What the raise does signal is more capital behind the same job those markets already run every day: move value across borders when local banking corridors are slow, expensive, or closed after hours.
That job is already visible in the region’s rails we cover: Pix-heavy Brazil with stablecoins dominating reported crypto purchases, peso-to-USDT hedging in Argentina, and WhatsApp or API on/off-ramps into Mexico. A global stablecoin neobank scaling Own Network is one more vendor competing to sit between local fiat and dollar tokens. It is also a custodial stack. Users who want keys in their own wallet still need a separate self-custody path; Fasset’s pitch is account-level access, not a hardware-wallet substitute.
What to watch next
Three checkpoints will show whether the unicorn round turns into usable corridors:
- Named corridor launches. Public fee cards, settlement assets, and which of the 100-plus banking corridors actually light up for LatAm pay-in or pay-out.
- Licensing surface. Fasset’s own base is Dubai, where the Virtual Assets Regulatory Authority licensed it as a VASP in November 2023. Watch which local entity sits under each new market, and whether fresh VASP or payment-institution registrations appear with the expansion.
- SBI Remit integration depth. Whether the Japan remittance partnership shows up as a live consumer or business product, not only a press mention.
Takeaway
On 24 August 2026, Fasset closed a $68 million SBI-led Series C at a $1 billion valuation and said the money goes into Own Network corridors and AI-routed stablecoin settlement. The company is selling regulated account access on top of dollar-token plumbing, not a trading venue.
Treat the unicorn label as a fundraising fact. The product test is still corridor coverage, local licenses, and all-in cost. If you move remittances or business settlement across emerging-market rails, ask which corridor, which entity, and which fee sits behind the Own Network pitch before you treat the raise as a live route. This is company and product reporting, not advice to use Fasset or hold any token.
