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Fasset raises $68M at $1 billion valuation to expand stablecoin payments
The stablecoin-focused banking platform says it processes more than $40 billion in annualized transaction volume across 125 countries.
Fasset, a stablecoin-powered banking platform, raised $68 million in a funding round led by Japan’s SBI Group, valuing the company at $1 billion, according to CoinDesk. The company said the valuation comes just three months after its previous financing.
CoinDesk reports that Fasset is also profitable, with the CEO saying the firm has been profitable for 12 straight months, and that revenue has grown about six-fold over the past year. The new round follows a $51 million round in May, bringing Fasset’s total funding this year to $119 million.
The company plans to use SBI’s financial network to expand payment corridors across Japan, Asia, and emerging markets. Fasset’s platform is designed to let consumers and businesses hold, send, spend, and invest across currencies and assets using stablecoins as settlement infrastructure behind the scenes, and it said it processes more than $40 billion in annualized transaction volume across 125 countries.
Fasset said revenue has been driven mainly by its institutional and retail businesses, including stablecoin payments and settlement activity, and that cards and bank accounts are starting to generate new revenue. The company says its business runs on OWN Network, an AI-enabled Ethereum layer 2 infrastructure built on Arbitrum.
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