Fasset raises $68 million and reaches valuation of $1 billion

The stablecoin-focused digital bank Fasset has raised $68 million in a funding round led by Japan’s SBI Group. This values the company at $1 billion, just three months after the previous funding round. In May, Fasset raised $51 million, bringing total funding this year to $119 million. CEO Mohammad Raafi Hossain says the company has been profitable for the past twelve months.

In brief:

• Fasset raises $68 million in a round led by SBI Group, at a valuation of $1 billion
• Total funding this year thus comes to $119 million
• The company processes more than $40 billion in transactions annually across 125 countries

SBI Group leads new funding round

Fasset, based in Los Angeles, offers a financial platform that allows consumers and businesses to store, send, spend and invest money in various currencies and assets. Behind the scenes, the company uses stablecoins as settlement infrastructure.

The new round follows an earlier $51 million investment in May, in which early investor Speedinvest and a group of strategic investors participated. With the current round, led by Japan’s SBI Group, total capital raised this year reaches $119 million.

Revenue grows sixfold, twelve months of profitability

According to CEO Mohammad Raafi Hossain, the company has grown strongly. Revenue has increased roughly sixfold year on year. Fasset has not disclosed concrete revenue or profit figures.

The platform says it processes more than $40 billion in transactions annually, spread across 125 countries. Hossain states that the company has been profitable for twelve consecutive months. Fasset’s growth fits a broader trend in which stablecoins are increasingly being used as a solution to practical financial problems.