SBI Group Leads $68M Fasset Series C at $1B Valuation for Stablecoin Bank

Stablecoin neobanking platform Fasset has closed a $68 million Series C funding round led by Japan's SBI Group, achieving a $1 billion valuation. The financing, announced Monday, follows Fasset's $51 million Series B in May and brings the company's total capital raised in 2026 to $119 million. SBI Holdings separately confirmed the additional investment and disclosed plans to expand its stake through warrant exercises, with Fasset expected to become an equity-method affiliate of the Japanese financial group once the round closes.

The two companies intend to jointly launch a digital bank in Malaysia and distribute Fasset-issued stablecoins as part of a broader push into regulated digital finance. SBI first backed Fasset in May, though the latest investment amount was not disclosed. The partnership aligns with SBI's growing crypto footprint, coming shortly after the group acquired Singapore-based crypto platform Coinhako following approval from the Monetary Authority of Singapore.

Fasset will deploy the new capital to scale Own Network, its infrastructure layer connecting banks, payment companies, and liquidity providers across more than 100 banking corridors worldwide. The platform currently supports cross-border settlement and tokenization services, with the company indicating it will deepen investment in artificial intelligence systems used for stablecoin settlement, tokenization workflows, and cross-border banking operations.

The Series C reflects accelerating institutional appetite for stablecoin-focused banking infrastructure across Asia, where regulators in Singapore, Japan, and Malaysia have moved to formalize digital asset oversight. With SBI's backing and a path toward a Malaysia-licensed digital bank, Fasset joins a growing cohort of stablecoin-native firms positioning for compliance-first expansion in regulated markets.