Conduit transaction volumes surged 16x in 2024, surpassing $10 billion in annualized payment volume. It will use new funding to expand its geographic reach and increase the range of fiat and digital currencies supported through its innovative real-time global payment rails.

BOSTON–(BUSINESS WIRE)–Conduit, a leading cross-border payments platform powered by stablecoins, announced today it closed a $36 million Series A funding round. The round was co-led by Dragonfly and Altos Ventures, with participation from Sound Ventures, Commerce Ventures, DCG, Circle Ventures (the issuer of the USDC stablecoin) and existing investors Helios Digital Ventures, and Portage Ventures.

Conduit Raises $36 Million Series A to Scale Use of Stablecoins for Cross-Border PaymentsShare

Conduit’s cross-border payment network seamlessly integrates stablecoins, USD and local currencies, providing businesses with a faster, cheaper, and more reliable alternative to the legacy SWIFT system. Already connected into multiple local banks across North America, Latin America, Europe, Africa, and Asia, Conduit will use the capital to fuel expansion into additional markets and support an even broader range of traditional and digital currencies through its real-time payment rails.

This round of funding comes on the back of Conduit’s exceptional growth, with transaction volumes growing 16x through its platform between 2023 and 2024. To date, Conduit has saved clients over 60,000 hours in settlement times and generated fee savings worth over $55 million. The platform bridges crypto-native infrastructure with traditional finance, offering nearly instant, programmable global transactions with integrated AML, sanctions screening, and transaction monitoring.

Clients choose Conduit for:

• Speed and Efficiency: Unlike payment platforms that rely on slow and disjointed networks of correspondent banks, Conduit has direct partnerships with two dozen banks across the world, enabling transactions to settle in seconds rather than days.
• Broad Geographic Coverage: Conduit natively supports a diverse range of currencies and payment methods, including highly inflationary local currencies in Latin America, Africa, and Asia.
• Deep Liquidity: Conduit’s robust network of institutional-grade FX providers ensures large transactions can be processed seamlessly without liquidity constraints.

“This fresh capital injection will enable us to accelerate our mission to build the next generation global payments infrastructure, to promote fairer economic opportunities across the world,” said Kirill Gertman, Conduit CEO. “Traditional cross-border payment systems do not meet the demands of modern businesses. Conduit’s platform seamlessly bridges the gap between traditional banking and stablecoin technology, offering unparalleled speed, affordability, transparency and reliability.”

Conduit’s platform enables nearly instant global transfers across multiple payment rails, including USD-denominated payment networks (SWIFT, ACH, FedWire) and local payment systems throughout Europe, the UK, and countries such as China, Hong Kong, Mexico, Brazil, Colombia, Nigeria, and Kenya, among others. Businesses in these regions often face restricted access to USD, lack of SWIFT connectivity, limited interoperability between stablecoins and fiat currencies, slow settlement times, high fees, and complex regulatory requirements. While stablecoins can have a significant impact on how businesses can manage their treasuries, most market participants still expect invoices to be settled in fiat currencies, creating a need for seamless interoperability between fiat and digital currencies. Conduit enables clients in those jurisdictions to transition between stablecoins and local currencies in real-time to more efficiently settle commercial invoices.

As part of this investment, Dragonfly Capital’s Rob Hadick will join the Conduit board. “We’re thrilled to lead this investment round and support Kirill and his team as they reimagine how money moves across borders. With billions of annual transaction volume already flowing through Conduit’s platform, it has proven there’s a better way to move money globally and that stablecoins are the future of cross-border payments,” Hadick stated. “What impressed us most was not just their innovative technology, but their remarkable traction and clear product-market fit. By addressing the real pain points businesses face with international transactions, particularly in emerging markets, Conduit has positioned itself as a critical infrastructure provider for the global economy.”

Founded in 2021, Conduit currently has 57 employees and serves more than 100 clients, experiencing 105% year-over-year client growth. The company plans to expand its product offering into Asia, strengthen its footprint in Mexico, as well as other geographies.

About Conduit

Conduit is a next-generation payment network for businesses that move money across borders. We provide fast, reliable global payments by combining instant local payment rails with the efficiency of stablecoins. With a single API, Conduit connects banks, local payment rails, and blockchains to create a resilient network spanning key markets worldwide — including deep connectivity across Latin America, Africa and Asia. To learn more visit https://conduitpay.com/.

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Julie Bishop
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