KAST Raise $80M for Stablecoin Neobank

Mar 16, 2026

Guest

Homam Maalouf

Guest

Raagulan Pathy

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INSIGHT

Stablecoin Neobank Achieved Rapid Global PMF

Cast is a global stablecoin-native neobank that grew to 1M+ users and $5B annualized volume within ~20 months.
Raagulan Pathy built global distribution from day one, supporting 150+ countries and 15–20% month-on-month growth even through a crypto bear market.

ANECDOTE

Lead Bank Powers Stablecoin Card Programs

Lead Bank acts as the regulated plumbing behind on/off ramps, accounts, and stablecoin card issuance for crypto-native firms.
Homam Maalouf described issuing stablecoin-backed cards, partnering with Bridge, Visa, and Stripe, and directly settling with Visa in production.

ADVICE

Invest In Compliance Early To Win Market Longevity

Build lasting businesses by investing heavily in compliance and security from day one.
Raagulan says QED and Left Lane scrutinized Cast's compliance, and he treats compliance spend as strategic advantage and barrier to low-quality competitors.

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On Ep. 74 of Tokenized, Simon Taylor, GTM @ Tempo and Cuy Sheffield, Head of Crypto @ Visa, are joined by Raagulan Pathy, CEO & Co-Founder @ KAST and Homam Maalouf, Co-Founder & Chief Products Officer @ Lead Bank to discuss KAST raise $80m for stablecoin neobank, Lead Bank's role in enabling stablecoin card programs and more!

Timestamps:

00:00 Introduction
1:39 KAST's $80M raise and vision for a global stablecoin neobank
2:21 KAST's global growth metrics and stablecoin adoption beyond trading
5:48 Lead Bank's role in enabling stablecoin card programs
7:05 Building lasting compliance infrastructure for stablecoin platforms
19:18 NASDAQ partners with Kraken to launch tokenized stocks globally
29:29 Using crypto assets as collateral for loans and credit lines
33:50 Stablecoin settlement with Visa and Mastercard card networks
40:46 Banks issuing their own stablecoins and market fragmentation

Tokenized is sponsored by Visa

A world leader in digital payments, Visa is bridging the gap between traditional financial institutions and innovative blockchain networks, helping players in the payments ecosystem navigate the ever-evolving world of tokenized fiat currencies with confidence and ease. Learn more at visa.com/crypto.

Tokenized is presented by Bridge, a Stripe company.

Just like the internet made information global, stablecoins are making money global. And Bridge, a Stripe company, is the infrastructure powering that shift. Built for speed, scale, and simplicity, Bridge helps businesses send, store, convert, and spend stablecoins instantly, all without borders or having to navigate the complexities of crypto. Learn more at bridge.xyz

Tokenized is presented by M0

Stablecoins are becoming global financial infrastructure. It's time for that infrastructure to mature. If you're a brand, you should have your own stablecoin set to the behavior of financial flows moving through your product. If you're an issuer, you want to be the stablecoin partner for the most valuable brands. M0 is the only platform where issuers and brands get together to build digital money products for the world. Learn more at m0.org

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We’d also like to remind you that the views or opinions of our contributors today are their own and do not necessarily reflect those of the companies they are representing. Nothing we say should be taken as tax, financial, investment or legal advice, do your own research!

Music by Henry McLean