Fasset raises USD $68 million in Series C led by SBI

Fasset has raised USD $68 million in a Series C funding round led by SBI Group, valuing the financial technology company at USD $1 billion.

The funding follows a USD $51 million Series B round earlier this year, bringing Fasset's 2026 fundraising to USD $119 million. The latest round puts the company among privately held fintech businesses valued at more than USD $1 billion.

The new capital will be used to expand Own Network, Fasset's regulated financial network linking banks, telecommunications groups, payment providers and liquidity providers for cross-border settlement. The company also plans to increase spending on artificial intelligence systems used in corridor banking, stablecoin settlement and tokenised asset infrastructure.

Fasset operates in stablecoin-based financial services. It says its platform allows customers to receive, hold, move, spend and invest across currencies, markets and asset classes through a single account, without having to manage the underlying settlement systems directly.

Scale and reach

According to the company, Fasset now processes more than USD $40 billion in annualised transaction volume and serves more than 3 million wallets and over 1,000 enterprise customers across 125 countries.

Its infrastructure, known as Own Network, connects local banking systems, payment providers, financial institutions, telecommunications operators, liquidity providers, custody partners and settlement networks across more than 100 banking corridors. Stablecoins are used in parts of the network for settlement between markets.

Artificial intelligence routes transactions across payment rails, currencies, liquidity providers, and settlement methods based on cost, speed, and availability. Fasset has also built a regulatory footprint across the Gulf, Asia, Europe and other markets, supporting its consumer, business and institutional products.

The investment also deepens Fasset's ties with SBI Group, the Japanese financial group with interests in banking, securities, asset management and private equity. SBI has previously invested in digital asset and financial technology companies including Ripple, Circle and Morpho, and its group companies include B2C2.

Yoshitaka Kitao, Representative Director, Chairman, President and CEO of SBI Holdings, said the investment reflects SBI's view of Fasset's role in digital finance and cross-border infrastructure.

"Fasset's vision of a world in which money moves across borders as easily as information does point in the same direction as the on-chain economic zone that the SBI Group seeks to realise through digital finance. Fasset has already built a strong business foundation and a robust regulatory framework in a number of emerging markets with significant long-term growth potential. It was therefore in the conviction that Fasset can serve as an important financial bridge connecting Japan with high-growth markets around the world that we decided to lead this round. Within the SBI Group's "SBI APAC Digital Economic Zone" concept as well, an international remittance and settlement infrastructure built on stablecoins is a core component. Together with Fasset, we will advance the development of the next generation of on-chain financial systems, extending from the Asia-Pacific region to the Middle East and Africa," Kitao said.

Expansion plans

Fasset was founded in 2019 by Mohammad Raafi Hossain and Daniel Ahmed. The company has now raised more than USD $150 million in total funding.

Hossain said the group is focusing on broader forms of banking and payments rather than adding services to existing systems.

"The next phase is about any-to-any banking. Any person to any person. Any asset to any asset. Any rail to any rail, anywhere. We built Fasset to address a simple problem: access to financial opportunity still depends too heavily on where someone lives and the financial system available to the," Hossain said.

"The banking system is broken. It's not enough to build another financial front on current rails. We are investing deeper into the stack, from licenses in emerging markets to enabling agentic payments, to rebuild the way we do banking from the ground up."

He also pointed to the strategic value of SBI's network for remittances and international reach.

"Having SBI Group lead this round speeds up our ability to serve the world by having access to the wider SBI financial ecosystem and their partners, including our previously announced partnership with SBI Remit, enabling us to leverage an extensive network that supports bank account remittances to approximately 200 countries.," Hossain said. 

Existing investor Speedinvest also participated in the recent financing round. Stefan Klestil, General Partner at Speedinvest, said the firm had continued backing Fasset as it expanded internationally.

"Fasset is building the regulated infrastructure that helps people and businesses in growth markets access stablecoins, global assets and cross-border rails. That access is still too often shaped by geography. Raafi, Daniel and the team are changing that, and we are proud to have continued backing Fasset as it scales globally,," Klestil said.