KAST, a fintech platform focused on stablecoins, has raised USD 10 million in a seed funding round led by HSG (HongShan Capital Group) and Peak XV Partners.
Angel investors and partners from DST Global and Goodwater Capital also participated in the round.
funds support Kast‘s efforts in product development, licensing, international expansion, and employment.
The company reported closing the round at a “significant but undisclosed valuation.”
KAST provides US dollar-denominated accounts and payment cards to users in over 150 countries, allowing them to receive income, send money, and transact with merchants around the world.
Users can sign up in under 3 minutes, and the platform supports on-ramping via SWIFT with prices starting at 10 basis points.
Future plans include savings and remittance products designed to streamline cross-border financial transactions.
By leveraging stablecoins, KAST aims to address the challenges of traditional banking systems, especially in regions with currency instability.
The platform’s functionality supports payments for imports, travel, and remote work.
To enhance its services, KAST has partnered with Bridge, a platform recently acquired by Stripe.
The company’s founders also noted the platform’s early success, reporting that user growth and revenue in the first four months “exceeded even the highest expectations.”
Co-founder Raagulan Pathy, previously a regional executive at Circle, said:
“For most countries and more than half of the world’s GDP, banking cannot match the openness and speed of the Internet and is fundamentally broken.
Stablecoins are an obvious solution, but the user experience hasn’t been great. We’re building KAST to change this. ”
Daniel Bertoli, co-founder of KAST and former partner at Quona Capital, added:
“The next generation of neobanks will be built on stablecoins and will be inherently global by their DNA.
These are fundamentally different from the current generation of neobanks, which are country-restricted due to licensing and struggle to integrate blockchain. Their core systems and functions are too different. ”
Stablecoins are experiencing significant growth, with global trading volume reaching USD 8.5 trillion in Q2 2024 and over 125 million users.
Analysts are predicting further expansion, with the number of users expected to exceed 1 billion by 2030, and the supply expected to exceed USD 1 trillion.
Featured image: (from left) KAST co-founders Daniel Bertoli and Raagulan Pathy
