Stablecoin neobank Fasset lands $1 billion valuation as SBI backs its payments push
Stablecoin-focused neobank Fasset has reached a $1 billion valuation following a successful funding round backed by SBI. The company leverages blockchain and stablecoin infrastructure to facilitate cross-border payments and financial services across 125 countries.
Why it matters
The rise of stablecoin-based neobanking signals a shift in how international remittances and corporate treasury operations are handled, potentially reducing costs and settlement times.
The investment follows a $51 million round in May, bringing Fasset's total funding this year to $119 million. Early backer Speedinvest and a group of strategic investors participated in that earlier round.
Fasset, headquartered in Los Angeles, operates a financial platform that lets consumers and businesses hold, send, spend and invest across currencies and assets, using stablecoins as part of the settlement infrastructure behind the scenes. The company said it processes more than $40 billion in annualized transaction volume across 125 countries.
The firm’s business has expanded sharply over the past year, CEO Mohammad Raafi Hossain told CoinDesk. Revenue has grown roughly six-fold year over year, and the company has been profitable for 12 consecutive months, he said. Fasset did not disclose its revenue or profit figures.
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