Dubai-based stablecoin neobank Fasset has raised $68 million at a $1 billion valuation. Japan’s SBI Group is backing the company’s payments expansion, CoinDesk reported on August 22.
The round pushes Fasset past the billion-dollar threshold. It comes just three months after the company closed a $51 million Series B led by SBI Group, with Investcorp and Turkey’s Arz Portföy participating. As of June, total disclosed funding stood at more than $80 million, according to its own corporate blog.
Stablecoin infrastructure companies are competing to build the rails for cross-border payments and settlement. Fasset processes $32 billion in annualized transaction volume across more than two million wallets and 125 countries, according to the company. Its institutional user base grew tenfold during 2025, fintech.global reported in May.
SBI’s involvement runs deeper than equity. On June 29, Fasset announced a partnership with SBI Remit, the international transfer arm of SBI Group. The goal: build stablecoin-backed money movement infrastructure across more than 50 banking corridors and 16 blockchain networks. SBI Remit has processed more than JP¥2.5 trillion in cumulative transaction volume since launch.
Nobuo Ando, Representative Director and Chairman of SBI Remit, said the partnership pairs SBI Remit’s remittance network with Fasset’s proprietary “Own Network.” “Together, we are creating a foundation for payment, settlement, and financial services that can better serve customers across untapped borders and markets,” Ando said in a statement on Fasset’s blog.
Mohammad Raafi Hossain, Fasset’s CEO and co-founder, framed the infrastructure build in terms of AI-driven money movement. “Global finance is entering a new era, where money movement will be AI-powered,” Hossain said. “AI agents will increasingly become economic participants, helping people move money, manage wealth and access opportunities that have historically been fragmented or unavailable.”
Hossain and Daniel Ahmed founded Fasset. The company holds regulatory approvals in the UAE, Indonesia, Malaysia, the EU, Türkiye, and Pakistan, among other jurisdictions. It has partnered with Tether on a gold-backed neobanking card. Plans call for tripling headcount across retail, business, and private banking while expanding its US office.
The Series B round in May was described as 2026’s largest payments Series B globally. Fasset said the capital would accelerate what it calls the “Fasset Own Network,” an AI-enabled financial infrastructure layer connecting banks, payment companies, and telcos across what the company terms a “Morocco-to-Malaysia corridor.”
Details of the August round’s structure, SBI’s exact stake, and the specific use of proceeds were not disclosed in the CoinDesk report’s publicly visible summary. Fasset did not name additional investors beyond SBI at the time of publication.
The valuation places Fasset in a thin cohort of stablecoin-infrastructure companies at or near the billion-dollar mark. Traditional finance incumbents have shown sustained interest in the segment as stablecoin payment volumes climb. Traders, as ever, will watch whether the infrastructure spending translates into transaction growth that justifies the price tag.
