KAST Secures $10 Million Seed Round Led By HSG (HongShan Capital Group) and Peak XV Partners

[PRESS RELEASE – Cayman Islands, George Town, December 12th, 2024]

KAST, a monetary know-how platform constructed on stablecoins to ship a neobank-style expertise, has raised US$10 million in seed funding. The spherical is led by HSG (HongShan Capital Group) and Peak XV Companions. Various high-profile angels, companions of DST International, and Goodwater Capital additionally joined the spherical.

“For many international locations and over half of worldwide GDP, banking doesn’t match the openness and velocity of the Web, it’s essentially damaged. Stablecoins are the clear resolution, however the person expertise wasn’t nice. We’re constructing KAST to vary this”, provides Raagulan Pathy, KAST’s Co-Founder. Pathy is a stablecoin professional, previously the VP for Asia Pacific & CEO for Singapore at Circle, finest identified for USDC.

KAST presents cost playing cards and USD-denominated accounts to individuals in over 150 international locations, the power to obtain and ship money, and dealing with companions akin to Bridge (lately acquired by Stripe). KAST will quickly launch financial savings and different remittance merchandise — all with out the necessity to contact fiat straight. The maturing of stablecoin regulation and acceptance has led to speedy integration with conventional finance networks, enabling customers to ship cash sooner, cheaper, and extra securely. KAST highlighted use instances akin to holding USD stablecoins as an alternative choice to unstable currencies, enabling individuals to purchase imports and journey with a card, and permitting distant staff globally to receives a commission.

“The following era of neobanks might be constructed on stablecoins and inherently world by DNA. They may differ essentially from the present era of neobanks, that are restricted in international locations on account of licensing, and wrestle in integrating blockchain; their core techniques and capabilities are simply too totally different,” feedback Daniel Bertoli, co-founder of KAST and former Associate at Quona Capital, a worldwide FinTech fund that focuses on investments in neobanks.

KAST has accomplished a $10 million seed funding spherical at an undisclosed valuation. Inside its first 4 months, the corporate has demonstrated sturdy early traction by way of person adoption and income. The workforce views this as a mirrored image of great world curiosity in its platform.

Stablecoins have skilled outstanding growth with over US$170 billion in provide, and US$8.5 trillion transaction quantity in Q2 2024 by over 125 million customers. Analysts predict by 2030; person numbers will exceed 1 billion and provide will surpass US$1 trillion.

“KAST delivers actual advantages to world customers. Their USD-denominated accounts present a secure haven for hard-earned earnings when native currencies decline, particularly for these with out entry to conventional US accounts. As extra digital nomads obtain salaries in stablecoins, they will now bypass the effort of legacy rails. Worldwide transfers that after took weeks can now be accomplished immediately and at nearly no price,” stated Alex Svanevik (CEO/co-founder of Nansen.ai, an early investor in KAST).

Customers can go to the KAST website to be taught extra about KAST and uncover how their modern choices can remodel monetary expertise.

Testimonials from card customers

“I spent two weeks on the financial institution attempting to open a easy financial savings account. They requested for greater than 10 paperwork (~100 papers) and needed to signal and stamp every of them. And I opened a crypto card @KAST_official in actually 2min. Why would anybody go after conventional playing cards anymore? If i don’t want my financial institution statements for embassies, I’d at all times use crypto playing cards like @KAST_official” – Mardeni (Twitter)

“One faucet to unravel all my points. That’s all it took after I bought my KAST card. Right here’s a fast recap, I’ve been touring rather a lot currently, and exchanging cash has at all times been a trouble. You normally find yourself dropping 5-8% within the course of by the point the money is in your hand. A pal of mine despatched me a hyperlink and stated, “Give this a strive!” Quick ahead two months, and I’ve been tapping away rather a lot. Due to @KAST_official … I’ve used it throughout 5 international locations during the last couple of months with none points. It’s made worldwide spending and crypto utilization extremely easy” – Alpha Bets (Twitter)

“I simply used my @KAST_official card to pay for my undertaking’s area identify and it labored seamlessly all I needed to do was fund it with Solana USDC, that is really a recreation changer for me and another factor I’ll wish to do with it” – Alex (Twitter)

About KAST

KAST is reworking the financial-technology panorama, by providing a seamless mix of stablecoin know-how with conventional cost means. The KAST platform permits USD accounts globally to 150+ international locations, reaching over 5 billion individuals – providing an answer the place banking falls quick. The silky-smooth person expertise is taking mainstream the openness, velocity and safety of stablecoins; KAST permits customers to ship, obtain, save, and spend funds throughout borders effectively. For extra data, customers can go to www.kast.xyz.