SBI-Backed Stablecoin Neobank Fasset Reaches $1 Billion Valuation After $68 Million Raise
Fasset, a stablecoin-focused neobank, has secured a $1 billion valuation following a $68 million funding round backed by SBI Holdings. The company reports a six-fold increase in revenue, driven by growing stablecoin payments and settlement activity. The SBI connection is notable given the Japanese financial group's deep ties to Ripple and the broader XRP ecosystem.
Fasset, a neobank built around stablecoin payments and settlement infrastructure, has reached a $1 billion valuation after closing a $68 million funding round. The round was backed by SBI Holdings, the Japanese financial conglomerate that maintains a long-standing strategic relationship with Ripple.
The company's CEO cited a six-fold increase in revenue as stablecoin-based payments and settlement services continue to expand. The firm is positioning itself at the intersection of traditional banking and blockchain-based settlement, a space where RLUSD and the XRP Ledger are also active competitors and potential partners.
SBI's participation is the detail most relevant to XRP watchers. The group has historically used its investments to build out a payments corridor ecosystem that complements Ripple's technology stack, and its backing of a fast-growing stablecoin neobank signals continued institutional appetite for that infrastructure layer.
The raise comes at a moment when stablecoin payment rails are attracting significant capital globally. Regulatory clarity in several jurisdictions has accelerated corporate adoption, making the settlement and neobanking segment increasingly competitive.
Key facts
- •Fasset raised $68 million and achieved a $1 billion valuation
- •SBI Holdings participated in the funding round
- •Revenue grew six-fold on the back of stablecoin payments and settlement expansion
- •SBI Holdings maintains a strategic investment relationship with Ripple