Fasset, the AI-powered stablecoin neobanking platform, has raised $68 mn in a Series C funding round at a $1 bn valuation, giving the stablecoin neobanking company unicorn status. Japan’s SBI Group led the financing, extending an existing commercial partnership between the two companies.
The Series C comes about 90 days after Fasset closed a $51 mn Series B in May 2026. The two rounds bring its 2026 fundraising to $119 mn and total funding since inception to more than $150 mn.
Fasset was founded in 2019 by Mohammad Raafi Hossain and Daniel Ahmed. The Dubai-based company initially offered Sharia-compliant fractional investment in gold and other real-world assets before shifting toward stablecoin-based banking infrastructure.
The company raised $22 mn in a Series A and obtained a licence from Dubai’s Virtual Assets Regulatory Authority in 2023. Its business later expanded toward cross-border payments and regulated financial infrastructure.
Fasset’s Own Network connects banks, telecom companies and payment providers across more than 100 banking corridors. It also works with liquidity providers, custody companies and settlement networks to support cross-border transactions.
Stablecoins are used as a settlement layer within the network, including transactions where customers don’t interact directly with crypto assets. Fasset combines this infrastructure with local licensing, compliance processes and fiat conversion services.
The company’s consumer-facing accounts allow individuals and businesses to receive, hold and transfer funds across currencies. Customers can also spend and invest through the same platform.
Fasset reported more than $40 bn in annualized transaction volume at the time of the Series C. It also said its network includes more than 3 mn wallets and over 1,000 enterprise customers across more than 125 countries.
Revenue has increased approximately sixfold year over year, according to the company. Fasset also said it has been profitable during the past 12 months.
The SBI relationship connects Own Network with SBI Remit’s distribution network. That network includes approximately 470,000 payout locations across 200 countries.
Fasset plans to use the new capital to expand Own Network into additional markets and secure further regulatory licences in emerging economies. The company will also invest in AI systems for payments, settlement and tokenized asset management.
An agentic AI layer announced alongside the Series C is intended to automate parts of corridor banking operations. Fasset said the technology will also support stablecoin settlement and management of tokenized assets.
The next phase is about any-to-any banking. The company wants to reduce the extent to which access to financial services depends on a person’s location and local banking infrastructure.
Mohammad Hossain, co-founder and CEO of Fasset
The Series C gives Fasset additional funding less than three months after its previous round. Its expansion plan now covers new payment corridors, regulatory approvals and automated systems for operating its cross-border financial network.
