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HongShan, Peak XV back stablecoin-powered neobank KAST
Peak XV and HongShan, the Indian and Chinese investment firms that split from powerhouse Sequoia last year, have co-led a $10 million seed investment in KAST operates a dollar-denominated neobank-like platform in 150 countries, allowing customers to hold and spend stablecoins.
Co-founder Raagulan Pathy, who previously ran Circle’s Asia Pacific operations, told TechCrunch that banking infrastructure in many countries severely lacks cross-border capabilities. Daniel Bertoli, KAST’s other co-founder and a former partner at Quona Capital, argues that existing neobanks struggle with blockchain integration because their core systems were not designed for crypto. The firms are increasingly operating beyond their traditional geographic boundaries — HongShan has expanded into Europe and North Asia as it works to deploy its $9 billion pool of capital, while Peak XV has established a presence in the U.S.
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