KAST Raises $80 Million Series A at $600 Million Valuation for Stablecoin Visa Cards
Ex-Circle executive Raagulan Pathy's KAST closes an $80 million Series A led by QED Investors and Left Lane Capital, reaching one million users and $5 billion in annualized volume across 170+ countries.
KAST, a stablecoin-native financial platform founded by former Circle executive Raagulan Pathy, announced on March 9, 2026, that it has raised $80 million in a Series A funding round at a post-money valuation of approximately $600 million. The round was co-led by QED Investors and Left Lane Capital, with participation from Peak XV Partners (formerly Sequoia India/Southeast Asia), DST Global Partners, and returning backer HSG [1].
From Zero to $5 Billion in Under 18 Months
Founded in July 2024, KAST has scaled to more than one million users and an annualized transaction volume of roughly $5 billion, with revenue doubling since September 2025. The company projects an annual revenue run rate of $100 million for 2026, driven by 15 to 20% month-over-month growth in both users and revenue [1][2].
The speed of KAST's ascent is notable even by fintech standards. Less than 18 months from launch to a $600 million valuation, the company has built a product suite anchored by nine stablecoin Visa card variants spanning Standard, Premium, and Luxe tiers. The cards ship to more than 170 countries, with pay-in and payout capabilities extending to over 190 countries [1].
Funding and Operational Metrics
Metric — Figure
Series A Raise — $80 million
Post-Money Valuation — $600 million
Registered Users — 1 million+
Annualized Transaction Volume — ~$5 billion
Projected 2026 Revenue Run Rate — $100 million
Revenue Growth Since Sept 2025 — 2x
Monthly Growth Rate (Users/Revenue) — 15-20% MoM
Visa Card Variants — 9
Countries (Card Shipping) — 170+
Countries (Pay-ins/Payouts) — 190+
Average Monthly Transactions per Active User — ~50
Team Size — 250+ employees
A Blue-Chip Investor Roster
The investor lineup reads as a who's who of global fintech and growth capital. QED Investors, co-founded by Capital One co-founder Nigel Morris, has backed Nubank, Klarna, and SoFi. DST Global Partners, the fund established by Yuri Milner, was an early investor in Facebook, Alibaba, Spotify, and Airbnb. Peak XV Partners, one of Asia's most prominent venture firms, adds geographic depth to the cap table [1][3].
Pathy framed the raise as validation of the stablecoin neobank thesis.
"The latest funding, raised less than 18 months from launch, reflects the confidence of leading investors in the stablecoin neobank thesis and in Kast's ability to execute it at global scale. KAST's mission is to build the future of finance, powered by stablecoins and designed for the founders, creators and forward thinkers left behind by the traditional banking system." [1]
Nigel Morris, Co-Founder and Managing Partner at QED Investors, signaled the firm's conviction in stablecoin infrastructure.
"Stablecoin technology holds the potential to reshape the future of finance. We are thrilled to lead this round at KAST, and I am particularly pleased that Sandeep Patil will be joining the board to support them in scaling with the discipline of a true financial institution." [1]
Matthew Miller, Managing Partner at Left Lane Capital, drew a direct line between stablecoin infrastructure and consumer adoption.
"We believe 2026 could represent a meaningful inflection point as consumer-facing platforms begin bringing that infrastructure to the mainstream. Individuals and businesses operating across borders deserve a seamless way to bank, spend, and save, without hidden fees, friction, or exposure to currency depreciation." [1]
The Pudgy Penguins Play
Among KAST's nine card variants, the Pengu Card, a collaboration with the Pudgy Penguins NFT collection, has generated outsized demand. Launched in February 2026 with virtual cards initially (physical cards expected by April or May), the Pengu Card offers 6 to 12% cashback, among the highest of any KAST product. The waitlist surpassed 100,000 sign-ups within the first 24 hours of announcement [4][5].
Standard-tier cards offer 4% cashback in $MOVE tokens, while premium and Luxe tiers offer escalating rewards. All cards operate on Visa's global network through card issuer Third National and support USDC and USDT spending. The platform integrates with Apple Pay and recently added 11 new currencies to its Global Payouts feature for local spending without exchanges or off-ramps [1].
Expansion Plans and B2B Ambitions
KAST will deploy the $80 million toward geographic expansion into North America, Latin America, and the Middle East, as well as the launch of KAST Business, a new B2B product line targeting payouts, payroll, and cross-border corporate spending. The company is actively hiring from Stripe, Revolut, Binance, Circle, and Airwallex to staff its 250-person team [1][2].
The fundraise positions KAST against competitor Rain, which raised $250 million at a $1.95 billion valuation in January 2026 for similar cross-border stablecoin card services [3]. In a market where total stablecoin transaction volume hit $33 trillion in 2025 but real-world payments (remittances, payroll, retail) represent only about 1% of that figure, both companies are betting that consumer-facing products will capture a fast-growing slice of the pie.
A Token Generation Event (TGE) is targeted for Q2 2026, with KAST Points from the current Season 5 program converting one-to-one into KAST tokens [1].
References
[1] https://www.prnewswire.com/news-releases/kast-raises-80-million-as-stablecoins-move-from-infrastructure-into-mainstream-financial-services-302708236.html [2] https://www.mexc.com/news/886656 [3] https://www.spendnode.io/blog/kast-80-million-series-a-600-million-valuation-stablecoin-payments-qed-dst-global/ [4] https://www.kast.xyz/blog/pengu-card-livestream-on-x-with-raagulan-pathy-and-luca [5] https://ffnews.com/newsarticle/cryptocurrency/kast-partners-with-pudgy-penguins-to-launch-ip-backed-stablecoin-card/