Overview
- Fasset said it closed a $68 million Series C led by Japan’s SBI Group, a deal the company announced on Monday that values the Los Angeles stablecoin neobank at about $1 billion and brings its 2026 fundraising to $119 million.
- The company reports more than $40 billion in annualized transaction volume across 125 countries and says revenue grew roughly sixfold year‑over‑year with 12 months of profitability, though those financial figures have not been publicly audited.
- Fasset runs Own Network, an AI‑enabled Ethereum Layer 2 built on Arbitrum that routes payments and uses stablecoins as a settlement rail to move value between banks, telcos, liquidity providers and local payment systems.
- SBI’s investment expands a prior partnership with SBI Remit and, according to Fasset, gives the firm distribution into roughly 470,000 payout locations worldwide which could speed rollouts in Japan, Asia and other emerging markets.
- The new capital is earmarked to scale Own Network, AI routing, lending and trade finance, but specific product launches, corridor deployments and independent financial verification remain to be announced and will be the next measurable milestones.