KAST raises $80 million as stablecoins move from infrastructure into mainstream financial services
NEW YORK, March 9, 2026 /PRNewswire/ -- KAST, a global financial platform built on stablecoin rails 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 and including participation from returning investors Peak XV Partners, HSG and DST Global Partners, as investors increasingly back stablecoins as a foundational layer for modern financial services.
The funding comes as stablecoin usage accelerates globally, particularly across emerging markets and internationally mobile workforces, where demand for fast, dollar-denominated money movement is outpacing traditional correspondent banking infrastructure. KAST will use the capital to expand across Latin America, North America and the Middle East, as well as accelerating licensing, compliance, product development and headcount growth.
Founded in July 2024, KAST provides USD-denominated accounts, global pay-ins and payouts to more than 190 countries, and a growing suite of consumer and business financial tools built on stablecoin rails rather than legacy settlement networks.
Since launch, KAST has scaled to more than one million users and is processing nearly $5 billion in annualized transaction volume, reflecting the growing adoption of stablecoin-based financial services beyond trading and crypto-native use cases. The company expects revenue to reach $100 million annual run rate in 2026, with both users and revenue currently growing approximately 15-20% month-on-month. KAST's revenue has doubled since the end of September 2025.
According to Artemis Analytics, global stablecoin transaction volume grew 72% last year to more than $33 trillion, exceeding the combined on-chain settlement volumes of major global card networks, a shift investors increasingly view as structural rather than cyclical. To support this growth, KAST has hired more than 250 employees across engineering, compliance and operations recruiting from firms including Stripe, Revolut, Binance, Circle, and Airwallex.
Speaking on the investment, Raagulan Pathy, Founder and CEO of KAST, said: "The latest funding, raised less than 18 months from launch, reflects the confidence of leading investors in the stablecoin neobank thesis - and in Kast's ability to execute it at global scale.
KAST's mission is to build the future of finance, powered by stablecoins and designed for the founders, creators and forward thinkers left behind by the traditional banking system. The platform is built for the global ambitions of individuals, not simply finance around processes and platforms, so they can get to wherever they want in life.
Our end game is clear, to be the leading neobank for the stablecoin world, both for consumers and businesses. The pace at which we move, the team, and the world-class talent we're attracting will play out further in 2026 and beyond.
Nigel Morris, Co-Founder and Managing Partner at QED Investors, said: "Stablecoin technology holds the potential to reshape the future of finance. We are thrilled to lead this round at KAST, and I am particularly pleased that Sandeep Patil will be joining the board to support them in scaling with the discipline of a true financial institution. KAST has a clear ambition and strong execution, and we look forward to being part of their growth journey."
Sandeep Patil, Partner at QED Investors, said: "Fintech is a trust business disguised as software, and stablecoins are rapidly becoming the always-on dollar layer for moving and holding value across borders and assets. KAST is building on this layer with a clear wedge and already showing strong customer traction. I am excited to partner with Raags and the team as they scale KAST into a stablecoin-native financial institution."
Matthew Miller, Managing Partner at Left Lane Capital, said: "Over the past several years, we've seen stablecoins emerge as critical infrastructure within the global financial system. We believe 2026 could represent a meaningful inflection point as consumer-facing platforms begin bringing that infrastructure to the mainstream. Individuals and businesses operating across borders deserve a seamless way to bank, spend, and save – without hidden fees, friction, or exposure to currency depreciation. KAST combines a forward-looking regulatory posture, a compelling product and brand, and an exceptional executive team to capitalize on this generational opportunity. We're proud to partner with Raags and the entire KAST team as they enter this next phase of growth."
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