Cayman Islands, George Town, December 12th, 2024, Chainwire

KAST, a financial technology platform built on stablecoins aiming to deliver a neobank-style experience, has raised US$10 million in seed funding. The round is led by HSG (HongShan Capital Group) and Peak XV Partners, with participation from high-profile angels, partners of DST Global, and Goodwater Capital.

> “For most countries and over half of global GDP, banking does not match the openness and speed of the Internet; it’s fundamentally broken. Stablecoins are the clear solution, but the user experience wasn’t great. We are building KAST to change this,” adds Raagulan Pathy, KAST’s Co-Founder. Pathy, a stablecoin expert, was formerly VP for Asia Pacific & CEO for Singapore at Circle, known for USDC.

KAST offers payment cards and USD-denominated accounts to individuals in over 150 countries, allowing them to receive and send cash, in collaboration with partners like Bridge (recently acquired by Stripe). KAST will soon launch savings and remittance products without directly touching fiat money. The growth of stablecoin regulation and its acceptance has expedited integration with traditional finance networks, enabling users to send money more quickly, affordably, and securely. KAST highlighted use cases, including holding USD stablecoins as an alternative to volatile currencies, facilitating international purchases, and allowing remote workers to receive payments.

> “The next generation of neobanks will be built on stablecoins and inherently global by DNA. They will significantly differ from current neobanks, which face limitations due to licensing and struggle to integrate blockchain; their core systems are too divergent,” comments Daniel Bertoli, co-founder of KAST and former Partner at Quona Capital, a FinTech fund focusing on neobanks.

KAST has successfully completed a $10 million seed funding round at an undisclosed valuation. In its first four months, the company has shown strong early traction in user adoption and revenue, reflecting significant global interest in its platform.

Stablecoins have seen tremendous growth, exceeding US$170 billion in supply and US$8.5 trillion transaction volume in Q2 2024 among over 125 million users. Analysts anticipate that by 2030, user counts will surpass 1 billion, and supply will exceed US$1 trillion.

> “KAST delivers real benefits to global users. Their USD-denominated accounts provide a safe haven for hard-earned income when local currencies decline, especially for those without access to traditional US accounts. As more digital nomads receive salaries in stablecoins, they can now bypass the hassle of legacy systems. International transfers that previously took weeks can now be completed instantly and at minimal cost,” said Alex Svanevik (CEO/co-founder of Nansen.ai, an early investor in KAST).

Users are encouraged to visit the KAST website to learn how their innovative offerings can enhance financial experiences.

Testimonials from Card Users

> “I spent two weeks at the bank trying to open a simple savings account. They asked for more than 10 documents (~100 papers) and needed to sign and stamp each one. I opened a crypto card @KAST_official in literally 2min. Why would anyone go after traditional cards anymore? If I don't need my bank statements for embassies, I would always use crypto cards like @KAST_official.” – Mardeni (Twitter)

> “One tap solved all my issues. That’s all it took when I got my KAST card. I’ve been traveling a lot, and exchanging money has always been a hassle, usually costing 5-8% by the time cash is in hand. A friend sent me a link to KAST; it made international spending and crypto usage incredibly simple.” – Alpha Bets (Twitter)

> “I just used my @KAST_official card to pay for my project’s domain name, and it worked seamlessly. I only had to fund it with Solana USDC. This is a game changer for me.” – Alex (Twitter)

About KAST

KAST is transforming the financial-technology landscape by blending stablecoin technology with traditional payment methods. The platform enables USD accounts in over 150 countries, reaching over 5 billion people—offering solutions where traditional banking falls short. With a user-friendly experience, KAST is mainstreaming the openness, speed, and security of stablecoins, allowing users to send, receive, save, and spend funds across borders efficiently. For more information, visit www.kast.xyz.

Contact
VP Global Partnerships
Bas
KAST
Bas@kast.xyz

This article was originally published on Chainwire.