Fasset, a stablecoin neobank co-founded by Bangladeshi-born entrepreneur Mohammad Raafi Hossain, has raised US$68Mn in Series C funding led by Japan's SBI Group, with SpeedInvest also joining the cap table. The round values the company at US$1Bn and comes four months after its US$51Mn Series B, bringing Fasset's total raised in 2026 to US$119Mn.

Co-founder and CEO Mohammad Raafi Hossain said the capital will be used to expand Fasset's Own Network, its proprietary Ethereum Layer 2 infrastructure, and to build out the company's AI systems for routing transactions across payment rails and liquidity providers. The round will also support integration with SBI's portfolio companies as Fasset builds toward a broader vision of asset-backed banking and cross-border payments.

Fasset has now been profitable for 12 consecutive months, with revenue growing more than sixfold year on year, according to Hossain. The company operates in 125 countries and processes more than US$40Bn in annualized transaction volume.

"We did not depend on speculation, chase whatever was temporarily popular, or abandon emerging markets once easier opportunities appeared elsewhere. We kept building," Hossain said.

The raise extends a run of large fintech rounds involving Bangladeshi-origin founders building for global rather than domestic markets, as investors continue to back stablecoin and cross-border payments infrastructure serving emerging markets.

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