When Shift Happens Podcast

E153: Kast Founder: Why Crypto Banking Will Be Bigger Than You Think

Jan 8, 2026
Ragulan 'Raags' Pathy, the founder and CEO of Kast, shares insights from his journey in crypto-banking after overcoming a devastating business loss. He discusses the critical lessons learned from bankruptcy, emphasizing cash flow and the importance of personal accountability. Raags outlines how Kast aims to serve over two billion users across 150 countries with a stablecoin banking model. He also touches on the hurdles faced by innovators in finance, the need for transparency, and his vision of creating equal opportunities in global banking.
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ANECDOTE

From $100M Valuation To Paying Debts

  • Raagulan explains losing a company once valued near $100M and working corporate jobs while repaying debt for years.
  • That period forced him to become humble and reshaped how he manages cash and risk as a founder.
ADVICE

Exploit Compound Math Relentlessly

  • Optimize small process improvements because compound growth multiplies gains massively over months and years.
  • Focus teams on shaving 0.5% improvements across fundraising, ops, marketing, hiring, and product delivery.
ANECDOTE

Personal Guarantees Wiped Out A Decade

  • Raagulan recounts personal guarantees on infrastructure debt that left him paying back loans and effectively negative after his startup collapsed.
  • He worked at Amazon, Facebook, and Zoom later while still repaying debts, which cost him nearly a decade.
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