KAST raises $80 million expanding payments platform into Africa, and Middle East
Stablecoin payments firm KAST secured $80 million in a Series A funding round to expand its stablecoin-powered cross-border payments platform into regions such as Africa, Asia and the Middle East.
As per the announcement, QED Investors and Left Lane Capital co-led the round, with participation from Peak XV Partners, HSG, and DST Global Partners, according to a statement.
Per its website, KAST operates as a financial technology firm rather than a bank, utilizing partnerships with regulated institutions to facilitate payments, custody, and on-ramp services. Founded in July 2024 by former Circle Vice President Raagulan Pathy, the company enables users to “store, earn, and spend” digital dollars via Visa-supported cards.
The company said the Series A funding will support expansion across North America, Latin America, and the Middle East, as well as broader product development, including the launch of KAST Business, hiring, and investment in licensing and compliance.
KAST’s leadership said the timing aligns with a shift in stablecoin adoption, with tokens increasingly used as a payment and settlement rail rather than only as trading instruments.
Bloomberg reported that the fundraising valued KAST at $600 million. The report noted that KAST anticipates its annual revenue run rate will reach $100 million this year.
Earlier Rain also a stablecoin infrastructure firm also raised $250 million at a $1.95 billion valuations. It also is expanding into Africa, as well as North and South America, Asia and Europe.
