Stablecoin Neobank Fasset Hits $1 Billion Valuation With Backing From Japan’s SBI Group

Stablecoin focused digital banking platform Fasset has secured $68 million in a new funding round led by Japan’s SBI Group, pushing its valuation to $1 billion. This comes just three months after its previous raise, bringing the company’s total funding this year to $119 million.

Revenue Growth Driven by Stablecoin Payments

The Los Angeles based company allows users to hold, send, spend and invest across multiple currencies and assets, relying on stablecoins as the underlying settlement layer. Its CEO revealed that revenue has grown roughly six times over the past year, with the company staying profitable for twelve straight months. Fasset currently processes over $40 billion in annualized transaction volume across 125 countries.

Deeper Ties With SBI to Expand Asian Markets

The partnership strengthens Fasset’s connection with SBI, giving it access to a wider financial network across Japan and Asia. The company plans to expand its proprietary blockchain infrastructure and grow its remittance and payment corridors through SBI’s existing relationships and regulatory strength.