KAST Secures $80M Series A at $600M Valuation for Stablecoin Neobank
KAST, a stablecoin payments infrastructure provider, has raised $80 million in a Series A funding round valuing the company at $600 million. The round was co-led by QED Investors and Left Lane Capital, with participation from Peak XV Partners, HongShan Capital Group, and DST Global Partners.
Founded in July 2024, KAST bypasses traditional correspondent banking by offering USD-denominated accounts and payment cards built on stablecoin rails. The company claims 1 million users across 190 countries and $5 billion in annualized transaction volume, with revenue doubling since September 2025.
The $600 million valuation implies a aggressive 6x forward revenue multiple for a company still scaling in the competitive stablecoin infrastructure space. Founder Raagulan Pathy brings experience from Circle's Asia Pacific operations and enterprise roles at Zoom and Facebook.
