Stablecoin Neobank Fasset Reaches $1 Billion Valuation After $68 Million Funding Round

Revenue grows six-fold as SBI backs expansion of stablecoin payments and settlement

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By LineZotpaper

Published24 August 2026

Read Time2 min

Fasset, a neobank specializing in stablecoin payments and settlement, has achieved a $1 billion valuation following a $68 million funding round led by SBI, as its revenue surged six-fold amid growing demand for digital dollar-based financial services.

Fasset, a neobank focused on stablecoin-based payments and settlement, has reached a $1 billion valuation after raising $68 million in a funding round that included backing from Japanese financial giant SBI. The company's revenue has grown six-fold, CEO Mohammad Raafi Hossain told CoinDesk, reflecting surging demand for stablecoin infrastructure in cross-border payments and financial settlement.

The funding round underscores the rapid expansion of stablecoin-focused financial services, which have gained traction as an alternative to traditional banking for international transactions. Fasset's platform allows users to send, receive, and settle payments using stablecoins, which are cryptocurrencies pegged to stable assets like the U.S. dollar. The company's growth comes as regulators worldwide grapple with how to oversee the burgeoning stablecoin market, which has seen explosive growth in transaction volumes.

SBI's involvement signals a significant endorsement from a major traditional financial institution. SBI has been active in the digital asset space, investing in various blockchain and crypto-related ventures. The partnership could help Fasset navigate regulatory hurdles and expand its reach in Asia and beyond.

Hossain did not disclose specific revenue figures but emphasized that the six-fold growth was driven by increased adoption among businesses and individuals seeking faster, cheaper alternatives to traditional wire transfers. Fasset competes with other stablecoin-focused neobanks and payment platforms, such as Circle's USDC network and Paxos, as well as traditional fintech players like Revolut and Wise, which are also exploring stablecoin integrations.

Unicorn status — a valuation of $1 billion or more — marks a milestone for Fasset, which was founded in 2019. The company has raised over $100 million to date, according to public records. The latest round is expected to be used to expand into new markets, enhance its technology stack, and pursue regulatory approvals.

Stablecoins have become a critical part of the crypto ecosystem, with total market capitalization exceeding $150 billion. However, concerns remain about transparency, reserve backing, and potential systemic risks, as highlighted by the collapse of TerraUSD in 2022. Fasset's growth comes amid a broader push by regulators to establish clear rules for stablecoin issuers and intermediaries.

Analysis

Why This Matters

Stablecoin neobanks like Fasset are challenging traditional banks and payment networks for cross-border transactions, potentially lowering costs for consumers and businesses.
SBI's backing signals that major financial institutions see stablecoins as a legitimate and growing part of the payments infrastructure, which could accelerate regulatory clarity.
The $1 billion valuation highlights the venture capital appetite for crypto-enabled financial services, even amid a broader market slowdown in some sectors.

Background

Fasset was founded in 2019 to provide stablecoin-based payment and settlement services, targeting both retail and institutional clients. The company has since expanded its operations across Southeast Asia, the Middle East, and Europe. Stablecoins have grown from a niche crypto product to a multi-hundred-billion-dollar market, with Tether (USDT) and USD Coin (USDC) dominating. The industry faced a major crisis in 2022 when TerraUSD, an algorithmic stablecoin, collapsed, wiping out billions in value and prompting global regulators to draft stricter rules. Fasset has positioned itself as a regulated player, obtaining licenses in several jurisdictions.

Key Perspectives

Fasset: The company sees the funding as validation of its business model and a step toward mainstream adoption. CEO Hossain emphasized revenue growth and the firm's focus on compliance and real-world utility. SBI and traditional finance: Japanese financial giant SBI's investment signals confidence in stablecoin payments as a long-term growth area. SBI has a history of investing in crypto and blockchain firms, viewing them as complementary to traditional banking. Critics and regulators: Some policymakers worry that stablecoin neobanks operate in a regulatory gray area, potentially exposing users to risks if reserves are not fully transparent. Consumer advocates also flag concerns about lack of deposit insurance and potential for misuse in illicit finance.

What to Watch

Fasset's ability to secure additional regulatory approvals in key markets like the U.S. and Europe.
The broader stablecoin regulatory landscape, including potential legislation in the U.S. Congress and the EU's Markets in Crypto-Assets (MiCA) framework.
Whether Fasset can maintain its growth trajectory as competition intensifies from both crypto-native firms and traditional fintechs.

Sources

Stablecoin neobank Fasset lands $1 billion valuation as SBI backs its payments push — CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data