Image credits: Sameera Nilupul

Singapore’s KAST snaps up Sri Lankan Web3 startup Kaiju Labs

Neville Lahiru
3 Min Read

Early-stage venture capital firm nVentures has announced its first exit–Singapore-based KAST Finance’s acquisition of Sri Lankan Web3 startup Kaiju Labs. With a valuation of USD 2 million, the firm states that its investment in Kaiju yielded a 2X Multiple on Invested Capital with a 48.6% Internal Rate of Return.

Co-founded by LiveRoom‘s Sameera Nilupul and Chameera Wijebandara in 2022, Kaiju Labs is a wallet-as-a-service provider for Web3 games and apps. As per the startup, its Kaiju Wallet offers “a seamless user experience that includes one-click setup, social recovery, gas-free transactions,” and other features.

Commenting on the news, Kaiju Labs Co-founder and CEO Sameera Nilupul says, “joining forces with KAST Finance marks an exciting new chapter for Kaiju Labs. From the beginning, our mission was to create groundbreaking technology redefining the Web3 and fintech landscape.” He further mentions that nVentures’ support was instrumental in the startup’s growth and that he is “thrilled to see its innovations reaching new heights as part of Kast Finance’s ecosystem.”

KAST stands out as one of the world’s fastest-growing Web3 fintech startups, and its acquisition of Kaiju Labs is a testament to how innovation knows no boundaries
– Chalinda Abeykoon, Managing Partner at nVentures

Kaiju Labs is one of the few Sri Lankan startups under nVentures’ portfolio. Others include the likes of Niftron, mintpay, Smart COOP, and simplebooks. Licensed by the Monetary Authority of Singapore, its presence spans Sri Lanka, India, Bangladesh, Singapore, and the UK.

Team photo, from left: nVentures co-founder and General Partner Imal Kalutotage, Kaiju Labs CEO Sameera Nilupul, Kaiju Labs CTO Chameera Wijebandara, nVentures Managing Partner Chalinda Abeykoon
From left: nVentures co-founder and General Partner Imal Kalutotage, Kaiju Labs CEO Sameera Nilupul, Kaiju Labs CTO Chameera Wijebandara, nVentures Managing Partner Chalinda Abeykoon

“Sameera and Chameera are visionary founders who set an inspiring example for the next generation of Web3 entrepreneurs. We’re proud and humbled that they chose nVentures to be part of their remarkable journey,” says nVentures Managing Partner Chalinda Abeykoon.

KAST, which kicked off operations in April, aims to enable users access to bank-like services via US dollar-denominated stablecoins (Tether’s USDT/Circle’s USDC). The company generates revenue via credit card interchange, charging users a subscription to access the service and transaction fees for fiat-to-stablecoin transactions. At the time of writing, the company’s services are reportedly available in over 100 countries.

25/11/2024: Updated with Kaiju Labs valuation figure

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