KAST, a Singapore-based financial platform built on stablecoin rails, has secured $80 million in Series A funding, valuing the company at $600 million just 18 months after launch, Bloomberg has reported.
The round was co-led by QED Investors and Left Lane Capital, with returning investors Peak XV Partners, HSG and DST Global Partners also participating. The raise is one of the largest early-stage rounds in stablecoin payments to date, and arrives as institutional appetite for digital-dollar infrastructure reaches a new high.
KAST was founded by Raagulan Pathy, a former Circle executive, and is positioning itself as a neobank built for a globally mobile, digitally native user base that demands faster and more flexible financial tools than traditional banking can offer. The platform already serves more than one million users and processes nearly $5 billion in annualized transaction volume.
Both revenue and user numbers are expanding at roughly 15 to 20 percent month-on-month, with revenue doubling since the end of September 2025. The company expects to hit a $100 million annual revenue run rate by year-end.
The fundraise lands against a backdrop of surging stablecoin adoption. According to Artemis Analytics, global stablecoin transaction volume climbed 72% last year to more than $33 trillion — surpassing the combined on-chain settlement volumes of major global card networks, a threshold investors are increasingly reading as a structural shift rather than a cyclical one.
Pathy said the fresh capital will fund expansion across North America, Latin America and the Middle East, alongside licensing, compliance and headcount growth. KAST has already hired more than 250 employees, with talent from Stripe, Revolut, Binance, Circle and Airwallex.