Why Is SBI Increasing Its Investment in Fasset?
Stablecoin neobanking platform Fasset has raised $68 million in a Series C funding round led by Japan’s SBI Group, giving the company a $1 billion valuation only three months after its previous financing.
The round follows a $51 million Series B completed in May, bringing Fasset’s 2026 fundraising total to $119 million. The company said it has raised more than $150 million since its founding in 2019, including a $22 million Series A in 2022.
SBI Holdings confirmed the latest investment on Monday, saying Fasset’s $1 billion corporate value was calculated using the acquisition price of shares in the transaction. SBI did not disclose how much of the Series C it contributed.
The Japanese financial group first invested in Fasset in May and now intends to acquire additional interests with the goal of making the company an equity-method affiliate. That would deepen SBI’s financial exposure while giving it a more direct role in Fasset’s growth.
The relationship is already extending beyond capital. SBI said the companies plan to jointly operate a digital bank in Malaysia and distribute tokens issued by Fasset.
Fasset Islamic Digital Bank Limited received conditional approval from the Labuan Financial Services Authority in 2025 to operate under its Islamic digital banking sandbox. The conditional approval means the planned banking operation is still subject to regulatory and operational requirements before it can be treated as a fully unrestricted digital bank.
How Will Fasset Use the New Capital?
Fasset plans to use the Series C proceeds to expand Own Network, infrastructure that connects banks, payment companies, telecommunications providers, liquidity firms, custodians and settlement networks.
SBI said Own Network currently connects 16 blockchain networks and more than 100 banking corridors. Fasset reports that its platform serves more than 3 million wallets across 125 countries and more than 1,000 enterprises.
The company also reported more than $40 billion in annualized transaction volume, up from the $32 billion annualized figure cited when SBI disclosed a remittance partnership with Fasset in June. The figures are company-reported, while annualized volume represents a run rate rather than cumulative transactions or revenue.
Fasset also plans to increase spending on artificial intelligence systems used to select between payment rails, currencies, liquidity providers and settlement methods based on factors such as cost, speed and available liquidity.
Stablecoins operate behind part of that settlement infrastructure, while customers can use conventional financial accounts and payment products without handling the underlying blockchain transactions themselves.
Investor Takeaway
The $1 billion valuation attracts attention, but SBI’s banking, remittance and distribution network may prove more valuable to Fasset than the unicorn label. The larger test is whether that relationship can convert stablecoin infrastructure into recurring payment and banking activity.
How Does Fasset Fit Into SBI’s Stablecoin Strategy?
SBI’s involvement with Fasset has expanded rapidly since May. In June, SBI Holdings and international remittance subsidiary SBI Remit signed a memorandum of understanding with Fasset to explore an international remittance network using its stablecoin infrastructure.
SBI Remit has processed more than 2.5 trillion yen in cumulative remittances and offers bank-account transfers to around 200 countries and regions. That gives Fasset access to established fiat payment endpoints rather than requiring the company to build each connection independently.
SBI, meanwhile, gains access to Fasset’s banking corridors across markets in Asia, the Middle East and Africa.
The investment fits into SBI’s wider blockchain settlement strategy. The group launched the trust-structured JPYSC yen stablecoin with Startale Group in June and has pursued other cross-border projects, including a Japan-South Korea stablecoin payment network announced with Nodeinfra in August.
Fasset therefore gives SBI another route for linking regulated financial institutions with blockchain-based settlement, particularly in remittance markets where transfers can involve several banks, currencies and intermediaries.
What Could Determine Whether Fasset’s Expansion Works?
Several details remain undisclosed. Neither company has revealed SBI’s current ownership percentage, the size of its Series C contribution or the ownership level expected when Fasset becomes an equity-method affiliate.
There is also little detail about the proposed distribution of Fasset-issued tokens, including which assets SBI could offer, when distribution might begin or where the products would be available.
The economics of Own Network will be equally important. Rapid growth in annualized transaction volume does not show how much revenue Fasset generates, its margins or whether activity is concentrated among a limited number of institutional customers.
Regulatory expansion presents another challenge. Connecting more than 100 banking corridors does not mean Fasset has identical permissions to provide every banking, investment or digital-asset service across those markets.
The pace of fundraising raises expectations as well. Fasset has secured $119 million across two rounds in just over three months, giving it more capital to expand technology, banking links and distribution.
The next measure of progress will be whether those investments produce sustained payment volumes and active financial services. If SBI can connect Fasset’s stablecoin infrastructure with its existing banking and remittance businesses, the partnership could offer a practical test of whether blockchain settlement can operate largely behind the scenes of mainstream financial products.
