Summary
KAST, an Australian-led stablecoin-based digital bank that supports cross-border payments in over 190 countries, raised $80 million in Series A funding at a valuation of nearly $670 million. The startup has attracted over one million users in less than two years since launching in July 2024. The round was co-led by US venture firms Left Lane Capital and QED Investors.
Founded by Raagulan Pathy, whose career includes serving as Circle's VP for Asia Pacific and CEO Singapore between 2022-2024, KAST offers USD digital dollar accounts that can be funded with crypto, stablecoins, or cash. Accounts enable fiat or stablecoin transfers worldwide and include a linked card that automatically converts stablecoins to 18+ local currencies at the point of payment. Pathy said annual revenue run rate is expected to rise to $100 million this year.
The funding will help KAST expand its US operations, open a New York office, and beef up compliance expertise to secure new licenses in the US, Europe, and the Middle East. Key markets are the US, UAE, and Brazil. KAST was mentioned in Stripe's 2025 annual letter as an example of fintechs building global financial apps from day one.
Key Facts
- $80M Series A at ~$670M valuation
- Co-led by Left Lane Capital and QED Investors
- 1M+ users in under 2 years since July 2024 launch
- Annual revenue run rate expected to reach $100M in 2026
- Founder: Raagulan Pathy (ex-Circle VP Asia Pacific, ex-Facebook, ex-AWS)
- USD digital dollar accounts with linked card, auto-conversion to 18+ currencies
- Supports cross-border payments in 190+ countries
- Mentioned in Stripe 2025 annual letter
- Plans New York office, US/EU/ME licenses
- Key markets: US, UAE, Brazil
Why It Matters
KAST represents a new breed of fintech that builds global-first on stablecoin rails rather than traditional banking infrastructure. The rapid growth to 1M+ users and $100M revenue run rate in under two years demonstrates that stablecoin-based banking is finding product-market fit beyond crypto-native users. The Stripe mention signals that the broader fintech ecosystem sees stablecoin infrastructure as a competitive advantage for global expansion.