Fasset, a Dubai-based stablecoin neobanking platform, has raised $68 million in a Series C round led by Japan’s SBI Group, valuing the company at $1 billion, the company announced on 24 August 2026. It is Fasset’s second funding round this year, following a $51 million Series B in May, taking its total raised in 2026 to $119 million.

A licence that predates the round by three years

Fasset was founded in Los Angeles in 2019 by Mohammad Raafi Hossain and Daniel Ahmed, who both previously worked inside the UAE Prime Minister’s Office, Hossain advising on policy, strategy and innovation, Ahmed as a senior analyst on artificial-intelligence policy. That government background predates the company’s current pitch: Fasset started as a Sharia-compliant platform for buying fractional shares of gold and real-world assets, not the corridor-banking infrastructure business it has become.

The company now describes its business as regulated infrastructure connecting banks, telecom operators and payment providers across more than 100 corridors, reporting $40 billion in annualised transaction volume, 3 million wallets and more than 1,000 enterprise clients across 125 countries.

That volume figure has climbed fast: Fasset reported $32 billion in annualised transaction volume in June 2026, when it partnered with Tether to launch a gold-backed Visa card offering cashback in XAU₮, putting the increase to $40 billion at roughly 25% over two months, on the company’s own figures. Fasset also holds regulatory approvals in Indonesia, Malaysia, the EU, Turkey and Pakistan.

Mohammad Raafi Hossain
Mohammad Raafi Hossain

“The banking system is broken,” said Mohammad Raafi Hossain, Fasset’s co-founder and chief executive. “It’s not enough to build another financial front on current rails. The next phase is about any-to-any banking: any person to any person, any asset to any asset, any rail to any rail, anywhere.”

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What SBI is actually buying into

SBI Group already holds stakes in Ripple, Circle, Morpho and B2C2, and its remittance arm, SBI Remit, operates in roughly 200 countries. Yoshitaka Kitao, chairman and chief executive of SBI Holdings, said Fasset could act as “a financial bridge connecting Japan with high-growth markets,” a framing that positions this round as distribution access for SBI’s existing crypto portfolio rather than a standalone bet on Fasset alone.

The capital is earmarked for expanding Fasset’s Own Network infrastructure and for agentic AI systems aimed at corridor banking, stablecoin settlement and tokenised-asset infrastructure, according to the company. No post-money cap table has been disclosed, so the ownership split after SBI’s lead investment isn’t public.

A funding curve that only bent this year

Fasset raised $22 million across two rounds before this year: an undisclosed seed round led by Ceras Ventures, then a $22 million Series A in 2022. It has now raised more than five times that in 2026 alone, across the $51 million Series B and this $68 million Series C, a step-change that lines up with the period Fasset began describing itself as a stablecoin neobank rather than a digital-asset investment platform.

Fasset’s $40 billion annualised volume figure and its enterprise-client count are self-reported. Neither has been independently audited, and the company has not broken down how concentrated that volume is across its 125 markets versus its named corridors. Whether SBI’s remittance network turns into a specific, live integration, rather than a line in an announcement, is the detail worth tracking next.