Stablecoin Neobank Fasset Hits $1 Billion Valuation

The company claims its annualized transaction volume has climbed to over $40 billion, an increase of at least $8 billion since its $51 million Series B round in May. CEO Mohammad Raafi Hossain reports that revenue has grown sixfold year-over-year, with the business maintaining profitability for twelve consecutive months. These figures remain management-led, as the firm has not released audited financial statements to confirm its margins.

Fasset operates via its Own Network, an AI-powered Ethereum layer 2 built on Arbitrum technology designed to facilitate cross-border settlements. By using stablecoins as a backend rail, the platform connects financial institutions across more than 100 banking corridors. The new funding is earmarked for expanding these AI-driven routing systems and deepening the company’s infrastructure, particularly through its strategic partnership with SBI. While the firm holds regulatory licenses in jurisdictions including the UAE, Indonesia, and Türkiye, its long-term viability depends on its ability to manage the conversion costs between stablecoins and local currencies—a challenge that remains a hurdle for many participants in the digital remittance space.