Neobanking platform Fasset achieved a $1 billion valuation after closing a $68 million Series C funding round led by SBI Group, the Japanese financial services conglomerate.
Fasset said it will deploy the capital to expand its regulated settlement network and develop agentic AI systems for payments infrastructure. SBI Group, which holds roughly 15 percent of the Japanese brokerage market and has made substantial venture bets in crypto infrastructure over the past five years, leads investments in payments and settlement technology across Asia.
Fasset operates a neobanking platform that uses stablecoins and blockchain settlement to facilitate payments and transfers. The company has positioned itself as a bridge between traditional banking rails and blockchain-based alternatives, targeting banks and financial institutions rather than retail consumers.
The $1 billion post-money valuation marks a significant jump for Fasset. Earlier funding rounds were not disclosed, but the Series C size indicates the company was valued well below $500 million in its previous round. The timing follows approval of spot Bitcoin and Ethereum ETFs in the United States and growing demand from banks in Asia for programmable payment networks.
SBI Group has invested in multiple blockchain infrastructure plays over the past four years, including holdings in Ripple, the cross-border payments company, and Flare Networks, a blockchain focused on institutional finance. SBI views Fasset's regulated settlement network as part of a broader shift toward tokenized banking infrastructure.
A $68 million Series C ranks among the largest funding rounds for payments infrastructure companies. Ripple raised $200 million at a $10 billion valuation in 2023, though that round occurred in a different market environment and reflected Ripple's earlier product maturity.
Fasset's ability to deploy the capital across regulated banking corridors depends on obtaining settlement licenses in multiple jurisdictions. Regulatory approval for blockchain-based settlement varies sharply by country, with some Asian markets offering clearer pathways than others. The number to watch is whether Fasset completes settlement infrastructure integrations in at least five major markets by the end of 2027.
