Dubai-based stablecoin neobank Fasset has raised $68 million in Series C funding at a $1 billion valuation, becoming fintech’s newest unicorn on August 24, 2026. Japan’s SBI Group led the round, following the platform’s $51 million Series B in May and taking Fasset’s 2026 fundraising to $119 million.
Any-To-Any Banking Built On Own Network
Fasset’s pitch is a regulated financial account that moves value across currencies, corridors and asset classes from a single interface. Underpinning the consumer-facing product is Own Network — a regulated infrastructure layer connecting banks, telcos, payment providers, custody partners and settlement networks across more than 100 banking corridors. Stablecoins act as the internal settlement rail where they are more efficient than legacy correspondent banking, while agentic AI systems handle live routing across payment rails, currencies, liquidity providers and settlement methods.
Co-founder and CEO Mohammad Raafi Hossain framed the raise as a bet on “any-to-any banking. Any person to any person. Any asset to any asset. Any rail to any rail, anywhere.” Fasset now processes more than $40 billion in annualised transaction volume, serving over 3 million wallets and 1,000+ enterprises across 125 countries.
SBI’s APAC Digital Economic Zone Play
For SBI — a comprehensive Japanese financial group with prior stakes in Ripple, Circle, Morpho and B2C2 — leading the round slots Fasset into its “SBI APAC Digital Economic Zone” thesis, which builds cross-border remittance and settlement infrastructure on stablecoins. Chairman Yoshitaka Kitao said the group sees Fasset as “an important financial bridge connecting Japan with high-growth markets around the world,” extending from the Asia-Pacific region into the Middle East and Africa.
The round expands an existing SBI relationship that already includes a partnership with SBI Remit, plugging Fasset into an international remittance network reaching roughly 200 countries. Speedinvest, which came onto the cap table in May’s Series B, participated again.
Capital Aimed At Agentic AI And Regulated Corridors
The Series C will fund three parallel workstreams: expanding Own Network into new banking corridors, deepening agentic AI-enabled systems for corridor banking, stablecoin settlement and tokenised asset infrastructure, and adding regulated entities in Asia, Europe and the GCC. Fasset’s stack already touches licences across the GCC, Asia and Europe.
The unicorn milestone lands in a fintech environment where discipline has returned to earlier stages. Peers in this window include Rillet’s $100M Series C at a $1B valuation for AI-native ERP and Cloudflare’s x402 stablecoin agent wallets — a signal that programmable stablecoin infrastructure is where AI-native financial products are compounding.
Reporting based on coverage from Fasset, The Block, Yahoo Finance and TechNode Global.