KAST

KAST is a stablecoin-native global financial platform, often described as a neobank, that offers a money application built on stablecoins, designed for users to store, earn, move, and spend funds internationally. The platform provides services such as US dollar accounts, high-yield earning vaults, global payment transfers, and a Visa card for spending, and serves both individual consumers and business customers across more than 190 countries.^[1]​^[6]​

It targets a global user base, including freelancers, remote workers, and cryptocurrency users, and reported serving more than one million users and processing nearly $5 billion in annualized transaction volume as of its March 2026 funding announcement, with a stated goal of reaching an annual revenue run rate of around $100 million in 2026.^[3][6]​ The company operates by partnering with licensed and regulated financial institutions rather than functioning as a bank or holding its own banking license.^[1]​

Overview

KAST describes itself as a stablecoin-powered financial platform that offers a global money application for storing, earning, moving, and spending funds. It reports serving users in more than 190 countries, with more than one million users across regions from Asia-Pacific to the Americas.^[1]​^[6]​ KAST states that its mission is to create a fast, open, and borderless way to use money that works for the modern world and is built on stablecoins.^[1]​ According to press and research reports, KAST was founded in July 2024 and is described as a New York-based company.^[6]​^[8]​

The core of KAST's infrastructure is built upon stablecoins, integrated with a regulated network of both local and international payment rails, including standards like SWIFT and PIX. The platform aims to bridge traditional finance with the digital asset economy, allowing users to interact with both seamlessly.^[1]​

Legally, KAST describes itself as a stablecoin-native neobank while operating as a financial technology company, not a chartered bank. Key services such as virtual accounts, payment cards, asset custody, and fiat on/off-ramps are delivered through an ecosystem of licensed and regulated third-party partners, rather than by KAST holding its own banking license, and the availability of its services varies by jurisdiction and is subject to local regulatory approval.^[1]​^[9]​

Series A Funding

On March 9, 2026, KAST announced it had raised $80 million in a Series A funding round. The round was co-led by QED Investors and Left Lane Capital, with participation from Peak XV Partners, HSG, and DST Global Partners, and reportedly valued the company at around $600 million.^[3]​^[6]​ According to the company's founder and CEO, Raagulan Pathy, the funding was secured less than 18 months after the company's launch.^[3]​

At the time of the announcement, KAST reported serving more than one million users and processing nearly $5 billion in annualized transaction volume. The company stated that revenue had doubled since the end of September 2025 and was growing by approximately 15–20% month-on-month, with an expected annual revenue run rate of around $100 million in 2026.^[6]​ The capital was described as being allocated to several key initiatives:

• Expanding its product offerings, including the launch of its KAST for Business platform.
• Growing its presence in North America, Latin America, and the Middle East.
• Investing in regulatory and compliance efforts.
• Hiring new talent in engineering, compliance, and operations.^[3][4]

Services

KAST organizes its core product offerings around four primary functions: Store, Earn, Move, and Spend. These services are augmented by platform-wide features such as cryptocurrency integration and a cashback program.^[2]​

Store: Global USD Accounts

The "Store" function provides users with a US dollar-denominated account without the requirement of being a US resident. This feature is designed for global earners who receive payments in USD. The account includes a US account number and a routing number, enabling users to receive ACH payments and send wire transfers directly from the KAST platform. This account setup allows non-US residents to access US dollar-denominated account details and associated payment rails.^[2]​

Earn: Yield Generation

KAST offers a yield-generating service called "Earn," which allows users to earn a return on their capital held within the application. The platform advertises an annual percentage yield (APY) of up to 10%. This yield is generated through what the company terms "risk-adjusted vaults." To provide this service, KAST partners with Gauntlet, a financial modeling platform for blockchain protocols, to gain access to institutional-grade yield strategies.^[2]​

Move: KAST Pay

"Move" is the platform's global money transfer service, branded as KAST Pay. It is designed to operate 24/7 for sending US dollars, various local currencies, or cryptocurrencies. The service is marketed as providing fast transfers with transparent fees, aiming to offer an alternative to traditional remittance services that may involve delays and less clear fee structures.^[2]​

Spend: KAST Card

The "Spend" feature is centered around the KAST Card, a Visa-branded payment card. The card is accepted at a reported 150 million merchant locations worldwide. It allows users to spend their funds in two primary ways: they can spend their US dollar balance directly, or the platform can automatically convert the funds at the point of sale to one of over 18 supported local currencies.

A key feature of the card is the absence of a monthly spending cap, allowing users to spend the entire available balance in their wallet. Additionally, the KAST Card includes a cashback program, offering a flat rate of up to 6% on all spending categories.^[2]​

Cryptocurrency Integration

​Cryptocurrency is fundamental to the KAST platform's operation, particularly its use of stablecoins. The application is designed to facilitate the movement between traditional fiat currencies and digital assets while operating as a financial technology company that delivers regulated financial services through licensed partner institutions rather than holding a banking license itself.^[1]​^[6]​

Key integration features include:

• Crypto Deposits: Users can deposit several major cryptocurrencies directly into their KAST account, including Solana (SOL), Ethereum (ETH), and Bitcoin (BTC).^[2]​
• Stablecoin Conversion and Use: Once deposited, these crypto assets can be swapped within the app to USDC, a US dollar-pegged stablecoin. KAST also supports Tether (USDT) and has issued its own Solana-based USD stablecoins, USDK and USDKy, using issuance infrastructure provided in partnership with M0. USDK and USDKy are structured as Solana-based stablecoins issued on M0's platform, with USDKy described as being backed 1:1 by reserves consisting primarily of short-term U.S. Treasury bills via the M0 protocol.^[8]​^[9]​ These stablecoins sit alongside USDC as options for dollar-denominated value within the platform, and the resulting stablecoin balances become the primary assets for card spending and transfers. The platform also supports both deposits and withdrawals of supported stablecoins directly.^[2]​^[7]​
• Solana Network: KAST emphasizes its integration with the Solana network, promoting its card as a tool to enable the spending of stablecoins across borders utilizing Solana's infrastructure.^[2]​^[1]

KAST for Business

In addition to its individual user-focused application, KAST offers a dedicated platform for corporate clients. This service, "KAST for Business," represents the evolution of the company's earlier invite-only business functionality into a stablecoin-powered business platform aimed at globally distributed teams and enterprises.^[7]​^[5]​

The business platform provides several key features:

• Global Team Payments: The ability to instantly send payments to team members located around the world, with an emphasis on payroll and recurring payouts on stablecoin rails.
• Capital Movement: Facilitates the movement of corporate capital without specified limits, including cross-border transfers and enterprise payouts.
• Dedicated Support: Business clients are offered dedicated customer support for their account and product needs.^[2]​

Stablecoin Business Platform

On September 1, 2026, KAST launched a stablecoin-powered business platform that combines business accounts, payment cards, cross-border transfers, and yield-bearing balances built on stablecoin rails.

The KAST Business platform allows companies to receive funds via fiat virtual accounts provided by regulated partners, deposit supported stablecoins and other cryptocurrencies, issue virtual cards, and make local payouts in more than 20 currencies, while serving customers in more than 190 countries with availability varying by jurisdiction. The product is primarily used for enterprise payouts, payroll for distributed teams, and cross-border payments using stablecoin infrastructure.^[5]​^[7]​

It offers up to 8% annual percentage yield on idle balances generated through short-term United States Treasurys and stablecoin yield, as well as up to 3% cashback on purchases.^[7]​ KAST presents itself as a stablecoin-native neobank and financial technology company rather than a bank, with regulated financial services such as virtual accounts and cards delivered through licensed partner institutions instead of through its own banking license.^[1]

The business-platform launch followed KAST's $80 million raise at a reported $600 million valuation in March 2026 and is linked to the company's plans to develop products, secure licenses through partners, and expand across North America, Latin America, and the Middle East, with a stated goal of onboarding between 1,000 and 5,000 active business customers by the end of 2026.^[5]​^[6]​

Security

KAST states that it employs a multi-layered security architecture to protect user funds and data, partnering with several external security firms. The platform's transaction process involves instant identity verification and a real-time scan for fraudulent patterns before a transaction is approved, and the company characterizes these measures as providing "bank-level security" for crypto assets.^[1]​

Security measures and partnerships include:

• Infrastructure Security: KAST partners with Fireblocks and BitGo to provide custody and transaction infrastructure for user assets.^[1]​^[2]​
• Threat and Fraud Monitoring: The platform utilizes continuous threat monitoring and real-time fraud monitoring to detect and prevent malicious activity.
• Verification and Authentication: Security is handled in partnership with Auth0 and Twilio. The platform mandates identity verification for all users.
• Vulnerability Programs: KAST works with Immunefi, a bug bounty and security services platform for Web3.
• User-Level Security: The application provides user-configurable security options, including biometric login (such as Face ID or fingerprint scan) and multi-factor authentication (MFA).^[1][2]

Partnerships and Collaborations

KAST has established a number of partnerships across the technology, security, and cryptocurrency ecosystems to build out its platform and services.^[2]​^[1]​

Technology and Feature Partners

• Solana: KAST is integrated with the Solana blockchain, using its network to facilitate cross-border stablecoin transactions for global payments.
• Gauntlet: To power its "Earn" feature, KAST collaborates with Gauntlet. This partnership provides KAST users with access to institutional-grade savings vaults and yield-generation strategies developed by the financial modeling firm.

These technology and feature partnerships are central to KAST's product offerings.^[2]​^[1]​

Promotional Collaborations

• Pudgy Penguins: KAST announced a collaboration with the NFT project Pudgy Penguins to launch the "Pengu Card." This offering is a custom metal KAST Card available exclusively to holders of Pudgy Penguin NFTs. The card is designed to provide holders with exclusive access to events or features and boosted rewards on their spending.

This collaboration represents KAST's engagement with specific communities within the Web3 ecosystem.^[2]​

Ecosystem and Institutional Connections

• Y Combinator: KAST has a connection to the Y Combinator startup accelerator, evidenced by an active offer that provides $40,000 in value to YC graduate companies. This suggests a strategic focus on servicing startups and founders within the YC ecosystem.
• Stripe: A mention in Stripe's 2025 annual letter signifies KAST's recognition by a major leader in the financial technology industry.

These connections indicate KAST's efforts to embed itself within the broader tech and startup landscape.^[2]​

Leadership

The leadership team at KAST is composed of individuals with professional experience from established companies in the finance and cryptocurrency sectors, including Circle, Phantom, Revolut, and Wise.^[1]​

The executive team includes:

• Raagulan Pathy: Chief Executive Officer (CEO)
• James Butland: Chief Business Officer (CBO)
• Sam Kerrins: Chief Operating Officer (COO)
• Reto Wolf: Chief Product Officer (CPO)
• Sameera Nilupul: Chief Technology Officer (CTO)
• Ryan Parsons: Chief Financial Officer (CFO)^[1]