Fasset hits $1B valuation on $68M round led by SBI
What's the deal? Stablecoin-focused digital bank Fasset has raised $68 million in a late-stage round led by Japan's SBI GroupDealroom has a profile for this one. Try Dealroom →, valuing the company at $1 billion. The financing lands just three months after Fasset's previous raise.
Why now? The round follows a $51 million raise in May, taking Fasset's total funding this year to $119 million. Early backer Speedinvest joined that earlier round.
What's the endgame? Los Angeles-based Fasset runs a platform that lets consumers and businesses hold, send, spend, and invest across currencies and assets, using stablecoins as the settlement layer behind the scenes. It processes more than $40 billion in annualised transaction volume across 125 countries.
The business has grown fast. Revenue has risen roughly six-fold year over year, and the company has been profitable for 12 consecutive months, chief executive officer Mohammad Raafi Hossain told CoinDeskDealroom has a profile for this one. Try Dealroom →. Fasset did not disclose revenue or profit figures.
Income comes mainly from its institutional and retail lines, including stablecoin payments and settlement, while cards and bank accounts are starting to generate revenue. Fasset's platform runs on OWN NetworkDealroom has a profile for this one. Try Dealroom →, a proprietary Ethereum Layer 2 infrastructure built on ArbitrumDealroom has a profile for this one. Try Dealroom →, connecting banks, telecom companies, payment firms, and liquidity providers across more than 100 banking corridors.
The SBI deal also gives Fasset access to the Japanese group's broader financial network. SBI has become one of the more active traditional financial groups in digital assets, with investments spanning Ripple, CircleDealroom has a profile for this one. Try Dealroom →, and DeFi lender Morpho, and it owns crypto liquidity provider B2C2.
The context: The round ranks around the 90th percentile among all-time late-stage venture deals tied to the United Arab Emirates, based on a sample of 6,300 rounds.
The signal: Stablecoins, once used mainly to move money between crypto exchanges, are increasingly handling remittances, corporate treasury, and cross-border payments — especially in emerging markets, where transfers can pass through several correspondent banks. Fasset's raise shows traditional finance is now paying to own that settlement rail.
Read more: cryptonews.net
Image credit: Fasset
