Summary
Fasset, a Los Angeles-based neobank built on stablecoin rails, has crossed the unicorn threshold, with Japanese financial heavyweight SBI Group leading a funding round that values the company at roughly $1 billion. The round follows Fasset's $51 million Series B in May and brings its total funding this year to about $119 million. SBI's backing signals that traditional finance players are increasingly comfortable betting serious money on crypto-native payment infrastructure.
Fasset processes more than $40 billion in annualized transaction volume across more than 50 payment corridors spanning Asia, Africa and the Middle East, reaching users in 125 countries. The company runs on OWN Network, a proprietary AI-enabled Ethereum Layer 2 infrastructure built on Arbitrum, connecting banks, telecoms, payment firms and financial institutions. Revenue has grown roughly six-fold year over year, and the company has been profitable for 12 consecutive months.
Key Facts
- Crossed $1B valuation with SBI-led round (reported $68M); total funding this year ~$119M
- Follows $51M Series B in May 2026 (SBI, Investcorp, Arz Portföy)
- Processes $40B+ annualized transaction volume across 125 countries
- 50+ payment corridors spanning Asia, Africa, Middle East
- Runs on OWN Network, AI-enabled Ethereum Layer 2 built on Arbitrum
- Revenue grew ~6x year over year; profitable for 12 consecutive months
- Regulatory approvals in UAE, EU, parts of Asia; Shariah-compliant
- Partnered with Tether for a gold-backed Visa card (rewards in XAUt)
- SBI Remit partnership (June 29): JP¥2.5T (~$16B) cumulative volume
- SBI also invested in Ripple, Circle, Morpho; owns B2C2
- Founded by Mohammad Raafi Hossain and Daniel Ahmed
Why It Matters
Fasset's unicorn status reflects the maturation of stablecoin-powered cross-border payments as a genuine competitive threat to legacy money transfer networks. The SBI backing is significant — a major Japanese financial group betting on crypto-native payment infrastructure, alongside its investments in Ripple, Circle and Morpho. Fasset's focus on emerging markets, Shariah compliance and its OWN Network infrastructure positions it to capture the growing demand for cheaper, faster cross-border settlement, particularly in regions underserved by correspondent banking.