Fasset reaches $1 billion valuation after SBI-backed funding round

Fasset raised $68 million in a funding round led by Japan's SBI Group. The round valued Fasset at $1 billion. Fasset completed the round three months after its previous financing. The company raised $51 million in that earlier round. Fasset's total funding this year reached $119 million. Fasset plans to use SBI's financial network to expand payment corridors across Japan, Asia and emerging markets. The Los Angeles-based company operates a platform for holding, sending, spending and investing across currencies and assets. Stablecoins support the platform's settlement infrastructure. Fasset said it processes more than $40 billion in annualized transaction volume across 125 countries. CEO Mohammad Raafi Hossain said revenue grew roughly six-fold year over year. Hossain said Fasset has been profitable for 12 consecutive months. Fasset did not disclose revenue or profit figures.