Quick take:
- The latest funding brings the total raised to $53 million, according to the announcement on Wednesday.
- Conduit aims to make cross-border payments faster, cheaper and more reliable for businesses worldwide.
- The platform also helps its clients exchange local currencies for stablecoins and vice versa.
Conduit, a stablecoin payments platform, has raised $36 million in a Series A round co-led by Dragonfly and Altose Venture. The Fundraising also attracted participation from Sound Ventures, DCG, and Commerce Ventures. The fundraising brings the total raised to $53 million, according to the announcement on Wednesday.
Conduit already supports 14 different fiat currencies and operates in nine countries including the United States, Mexico, Brazil, Nigeria, and Kenya. The company aims to make cross-border payments faster, cheaper and more reliable for businesses worldwide. The platform also helps its clients exchange local currencies for stablecoins and vice versa.
“Essentially, our service is the one-stop-shop for going in and out of local currencies and stablecoins,” said founder and CEO Kirill Gertman. “We have a network of over 20 banks across nine countries that we work with very closely that gives us the best access to local rails.”
The company’s payments platform can be downloaded as an app or integrated with various fintech platforms.
Launched in 2023, Gertman said Conduit already processes more than $10 billion worth of transactions annually, adding that over 5,000 merchants globally use the platform and over 100 fintech platforms have integrated Conduit into their interfaces.
The company plans to use the fresh capital to expand its business into Asia, whilst also targeting new types of businesses for a more diverse client base.
As part of the investment, Dragonfly Capital’s Rob Hadick will join the Conduit board. 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.
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