KAST, a global financial platform built on stablecoin rails and founded by former Circle executive Raagulan Pathy, has raised $80 million in a Series A funding round co-led by QED Investors and Left Lane Capital, with participation from returning investors Peak XV Partners, HSG, and DST Global Partners.
The funding comes amid accelerating global stablecoin usage, particularly across emerging markets and internationally mobile workforces, where fast, dollar-denominated transactions are outpacing traditional banking infrastructure. KAST plans to use the capital to expand in Latin America, North America, and the Middle East while scaling licensing, compliance, product development, and headcount.
Raagulan Pathy, Founder and CEO of KAST, stated: “This funding reflects investor confidence in the stablecoin neobank model and KAST’s ability to execute globally. Our mission is to build the future of finance for individuals left behind by traditional banking.”
Founded in July 2024, KAST provides USD-denominated accounts, global pay-ins and payouts to over 190 countries, and a growing suite of consumer and business tools built on stablecoin rails. Since launch, the platform has surpassed 1 million users and processes nearly $5 billion in annualized transaction volume. Revenue is projected to reach $100 million in 2026, with users and revenue growing 15–20% month-on-month.
According to Artemis Analytics, global stablecoin transaction volume grew 72% last year to over $33 trillion, surpassing combined settlement volumes of major card networks. KAST has hired more than 250 employees in engineering, compliance, and operations, recruiting talent from firms including Stripe, Revolut, Binance, Circle, and Airwallex.