Kast launches stablecoin-powered business platform after $80M raise

Kast, the stablecoin-native fintech platform founded by former Circle executive Raagulan Pathy, has closed an $80 million Series A funding round and is rolling out a new business-focused platform designed to bring enterprise payouts, payroll, and cross-border payments onto stablecoin rails.

The round, co-led by QED Investors and Left Lane Capital with participation from Peak XV Partners, HSG, and DST Global Partners, values the company at roughly $600 million. For a startup that only came into existence in July 2024, that’s a rather brisk ascent.

From consumer app to business platform

Kast has spent its first chapter building a consumer-facing product: USD-denominated accounts, Visa debit cards, and the ability to send and receive money across more than 170 countries. The platform reports over 1 million users and annualized transaction volume approaching $5 billion.

Now comes chapter two. The company is launching Kast Business, a platform aimed at onboarding enterprises that need to move money globally without wrestling with legacy banking infrastructure. The target is between 1,000 and 5,000 active businesses on the platform by the end of 2026.

The $80 million in fresh capital will fund licensing and compliance work across North America, Latin America, and the Middle East, along with team expansion and product development for enterprise payouts and payroll solutions.

Kast is aiming for a revenue run rate of $100 million in 2026, claiming monthly growth of 15-20%.

The stablecoin stack

What makes Kast different from a garden-variety neobank is what’s happening under the hood. The company has issued its own stablecoins, USDK and USDKy, built on the Solana blockchain in partnership with M0 for issuance infrastructure. It also supports USDC and USDT, giving users and businesses flexibility in how they hold and move dollar-denominated value.

Pathy’s background is relevant here. As former VP of Asia Pacific at Circle, the company behind USDC, he spent years watching stablecoins evolve from a crypto-trading convenience into something with genuine utility for people who simply needed reliable access to dollars.

The platform operates with regulated partners rather than holding a banking license itself, a model that lets it move faster geographically while leaning on existing compliance frameworks.

Why the timing matters

Kast’s fundraise lands at a moment when the stablecoin market has gone from crypto sideshow to main event. Global on-chain stablecoin volumes exceeded $33 trillion, representing 72% year-over-year growth.

The competitive field is getting crowded. Bridge, acquired by Stripe, focuses on stablecoin-powered payments for businesses. Paxos issues its own regulated stablecoins. PayPal launched PYUSD.

Kast’s earlier seed round of $10 million, led by HSG and Peak XV and closed around December 2024, gave it runway to build the consumer product. The Series A is an order of magnitude larger because the ambition has expanded accordingly, requiring deeper compliance infrastructure, higher transaction throughput, and the kind of reliability that businesses demand when payroll is on the line.

The $600 million valuation puts Kast in rarefied company for a sub-two-year-old startup. QED Investors, known for backing fintech winners like Nubank and SoFi, adds credibility to the cap table.

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