Stablecoin-based cross-border payments platform Conduit has raised $36 million in a Series A funding round co-led by Dragonfly and Altos Ventures.
Sound Ventures, Commerce Ventures, DCG, USDC issuer Circle Ventures, Helios Digital Ventures, and Portage Ventures joined the round.
Conduit’s cross-border payment network integrates stablecoins, USD and local currencies to provide what the firm claims is a faster, cheaper, and more reliable alternative to Swift.
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 a broader range of traditional and digital currencies through its real-time payment rails.
The round of funding comes on the back of strong growth, with transaction volumes growing 16 times through the Conduit platform between 2023 and 2024. The startup says it has saved clients over 60,000 hours in settlement times and generated fee savings worth over $55 million.
Kirill Gertman, CEO, Conduit, says: "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."