Summary
Fasset, a Los Angeles-based neobank built on stablecoin rails, crossed the unicorn threshold with SBI Group leading a funding round valuing the company at roughly $1 billion. The round follows Fasset's $51M Series B in May and brings total funding this year to about $119 million. Fasset processes more than $40 billion in annualized transaction volume across 50+ payment corridors in Asia, Africa and the Middle East, reaching users in 125 countries, and runs on OWN Network, a proprietary AI-enabled Ethereum Layer 2 built on Arbitrum.
Key Points
- 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
- Stablecoins as behind-the-scenes settlement layer even when customers don't send them explicitly