Fasset hits $1 billion valuation after $68 million Series C

Fasset, a UAE-based fintech, has reached a $1 billion valuation after a $68 million Series C led by SBI Group, with Speedinvest also participating.

Founded in 2019 by Mohammad Raafi Hossain and Daniel Ahmed, Fasset runs an AI-powered stablecoin neobanking platform. The platform lets individuals, businesses, and institutions receive, hold, transfer, spend, and invest across currencies and asset classes. Fasset's stated conviction: where someone is born should not determine the quality of money, markets, or assets they can access.

Fasset processes over $40 billion in annualized transaction volume across more than 3 million wallets, 1,000 enterprises, and 125 countries. Its regulatory footprint spans the GCC, Asia, Europe, and other international markets. The new capital will expand Own Network, the company's regulated infrastructure that connects banks, telecom operators, payment providers, and liquidity providers, with custody partners and settlement networks attached. Own Network covers more than 100 banking corridors. Stablecoins are used as settlement infrastructure in parts of it.

Fasset's AI routes transactions based on cost, speed, and availability. The company raised $51 million in a Series B in May 2026, bringing its 2026 total to $119 million and its cumulative funding past $150 million.

SBI Group spans banking, securities, asset management, and private equity, with investments in Ripple, Circle, Morpho, and B2C2. Fasset already works with SBI Remit, which supports bank-account remittances to about 200 countries. SBI CEO Yoshitaka Kitao said Fasset can serve as a financial bridge connecting Japan with high-growth markets, called stablecoin-based remittance infrastructure core to SBI's APAC Digital Economic Zone concept, and said the two firms will build next-generation on-chain financial systems from Asia-Pacific to the Middle East and Africa.

Fasset CEO Hossain called the next phase "any-to-any banking: any person, any asset, any rail, anywhere." He said access to financial opportunity depends too heavily on where someone lives, described the banking system as broken, and said Fasset is investing deeper into the stack. He also said SBI leading the round gives Fasset access to the wider SBI ecosystem. Speedinvest general partner Stefan Klestil said Speedinvest is proud to continue backing Fasset as it scales globally, and that Fasset builds regulated infrastructure for people and businesses in growth markets.

any-to-any banking: any person, any asset, any rail, anywhere.

The unicorn round places a traditional Japanese financial group at the center of a stablecoin settlement layer that runs through banks and telecoms across more than 100 corridors. It is being funded to sit inside the banking system, not alongside it.