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 also participated in this funding round.
Conduit’s network combines stablecoins with USD and local currencies, presenting a faster, cheaper, and more reliable alternative to Swift. Already connected with multiple local banks across North America, Latin America, Europe, Africa, and Asia, the company plans to use the funds to expand into new markets and support a wider range of traditional and digital currencies through its real-time payment infrastructure.
This funding follows significant growth, with transaction volumes increasing sixteenfold on the Conduit platform between 2023 and 2024. The startup reports it has saved clients over 60,000 hours in settlement times and generated fee savings exceeding $55 million.
Kirill Gertman, CEO of Conduit, stated: “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.”