Fasset

Fintech · Stablecoins · Crypto

Funding

SBI leads $68M Fasset Series C, valuing Dubai neobank at $1B

The stablecoin banking startup crossed unicorn status just three months after its previous round closed.

• Fasset raised $68 million in a Series C round led by Japan's SBI Group, reaching a $1 billion valuation, the company said on August 24, 2026.
• Fasset is a Dubai-based stablecoin neobank offering accounts, payments and investment products, using stablecoins as settlement infrastructure across more than 100 banking corridors.
• The round follows a $51 million Series B in May, also backed by SBI, bringing Fasset's total 2026 fundraising to $119 million.
• SBI plans to boost its stake via warrants after the round closes, making Fasset an equity-method affiliate, and the two firms will jointly operate a digital bank in Malaysia.
• Fasset's annualized transaction volume has hit $40 billion across 125 countries, up from $32 billion at its Series B in May, with revenue up more than sixfold year over year while staying profitable.
• SBI has built one of the largest digital-asset investment portfolios among traditional financial groups, with stakes in Ripple, Circle and liquidity provider B2C2.
• Back-to-back rounds just months apart, capped by a swift jump to unicorn status, signal accelerating institutional confidence in stablecoin infrastructure as a bridge between crypto and traditional banking.