The archive · Money & Fintech · Strategic decision · 2024–2026
KAST bets stablecoins beat correspondent banking: $80M Series A, 1M users
Singapore stablecoin neobank founded July 2024 hits 1M users and $5B annual volume; QED/Left Lane lead $80M Series A in March 2026
KAST
What the business is
KAST is a Singapore-based stablecoin neobank offering USD-denominated accounts plus global pay-ins and payouts to more than 190 countries, built on stablecoin rails instead of legacy settlement networks.
Starting capital：$80M Series A announced 2026-03-09, co-led by QED Investors and Left Lane Capital, with returning investors Peak XV Partners, HSG and DST Global Partners.
How it started
Raagulan Pathy, a former Circle executive, founded KAST in Singapore in July 2024, betting that stablecoins were becoming the always-on dollar layer for moving and holding value across borders. The platform launched with USD accounts and pay-in/payout reach across 190+ countries, aimed at founders, creators and globally mobile workers left behind by traditional banking.
What happened
KAST scaled to more than one million users and nearly $5 billion in annualized transaction volume within about 18 months, hiring 250+ staff from Stripe, Revolut, Binance, Circle and Airwallex. In March 2026 it closed an $80M Series A co-led by QED Investors and Left Lane Capital, with Peak XV, HSG and DST Global returning, to expand across Latin America, North America and the Middle East and accelerate licensing and compliance.
How it ended up
Still live and scaling as of September 2026: KAST projects a $100M annual revenue run rate in 2026, with users and revenue both growing roughly 15–20% month-over-month, and plans to keep expanding licensing and product suite.
Background
KAST is a Singapore-based stablecoin neobank founded in July 2024 by Raagulan Pathy, a former Circle executive. It offers USD-denominated accounts plus global pay-ins and payouts to more than 190 countries, built on stablecoin rails rather than legacy settlement networks, targeting founders, creators and internationally mobile workers underserved by traditional banking.
Within roughly 18 months of launch KAST scaled past one million users and nearly $5 billion in annualized transaction volume. The company hired more than 250 staff across engineering, compliance and operations, recruiting from Stripe, Revolut, Binance, Circle and Airwallex, and projects revenue will reach a $100 million annual run rate in 2026, with revenue having doubled since the end of September 2025.
In March 2026 KAST closed an $80 million Series A co-led by QED Investors and Left Lane Capital, with returning investors Peak XV Partners, HSG and DST Global Partners. The round came as stablecoin transaction volume grew 72% last year to over $33 trillion, exceeding combined on-chain settlement volumes of major card networks, per Artemis Analytics cited in the announcement. KAST plans to expand across Latin America, North America and the Middle East while accelerating licensing and compliance.
As of September 2026 KAST is still scaling: users and revenue are both growing roughly 15–20% month-over-month, and the company is positioning itself as the leading neobank for the stablecoin world for both consumers and businesses.
What has to be true
- Stablecoin usage is accelerating: global transaction volume grew 72% to over $33 trillion last year, per Artemis Analytics cited in KAST's announcement.
- Legacy correspondent banking is too slow and expensive for cross-border workers and creators, the exact segment KAST targets with dollar accounts on stablecoin rails.
- The investor lineup — QED, Left Lane, Peak XV, HSG, DST Global — backed the thesis less than 18 months after launch, signaling conviction in a stablecoin-native neobank.
- KAST's own numbers (1M users, ~$5B annualized volume, $100M revenue run-rate target) show demand beyond trading and crypto-native use cases.
What can be applied
A wedge on new rails (stablecoins) can outrun incumbents when old infrastructure is too slow for the customer — but it compounds only if regulatory posture and compliance scale with users.
Aftermath
As of September 2026 KAST remains live and scaling. The March 2026 Series A is funding expansion into Latin America, North America and the Middle East, plus licensing, compliance, product development and headcount growth. The company projects a $100 million annual revenue run rate in 2026, with users and revenue growing roughly 15–20% month-over-month, and its stated end game is to be the leading neobank for the stablecoin world for consumers and businesses.
Sources
- Singapore's KAST raises $80M in Series A funding round co-led by QED Investors, Left Lane Capital
- KAST Raises US$80 Million Series A to Expand Stablecoin Banking Globally
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