Conduit Raises $36 Million to Expand Cross-Border Payments

Conduit, a company focused on revolutionizing cross-border payments, has successfully raised $36 million in Series A funding. This investment round was co-led by Dragonfly and Altos Ventures, with additional participation from Sound Ventures, Commerce Ventures, DCG, Circle Ventures, and existing investors Helios and Portage. The total funding for Conduit now stands at $53 million.

Conduit is dedicated to creating a new financial infrastructure that is faster, cheaper, and more reliable than the traditional systems currently in use for global business payments. The company believes that stablecoins are the key to connecting fragmented payment systems worldwide, offering a solution that is instant, transparent, and fully interoperable between fiat and digital currencies.

In the past year, Conduit has seen significant growth, with transaction volume on its platform increasing 16 times, surpassing $10 billion in annualized volume. The company's network now spans 14 currencies and over 20 banks in nine countries, including the U.S., Mexico, Brazil, Nigeria, and Kenya.

The new funding will be used to launch operations in five additional countries in Asia, expand local currency and stablecoin coverage, and grow the team while continuing to improve the infrastructure. This investment underscores the confidence that investors have in Conduit's mission to transform cross-border payments, which have long been in need of modernization.

Conduit's success highlights the growing acceptance and adoption of stablecoins as a viable solution for cross-border transactions. The company's ability to scale its operations and expand its network demonstrates its commitment to building a more efficient and transparent financial system. With the support of its investors and partners, Conduit is poised to continue its growth and make a significant impact on the global payments landscape.