Fasset Completes $68 Million Financing Led by SBI Group

Stablecoin digital bank Fasset has completed a $68 million financing round led by Japan's SBI Group, bringing the company's valuation to $1 billion. This financing follows a $51 million round completed in May, making Fasset's total funding for the year reach $119 million. Headquartered in Los Angeles, Fasset operates a financial platform that allows consumers and businesses to hold, send, spend, and invest in various currencies and assets, using stablecoins as part of its settlement infrastructure. The company operates in 125 countries with an annual transaction volume exceeding $40 billion. CEO Mohammad Raafi Hossain stated that the company's business has experienced rapid expansion over the past year, with revenue growing approximately sixfold year-on-year, and it has been profitable for 12 consecutive months. Fasset has not disclosed its revenue or profit figures.

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