Conduit, a Boston-based cross-border payments company with strong stablecoin support, secured $36 million in a Series A funding round. Dragonfly and Altos Ventures led the round, with other backers including Circle Ventures, DCG, and Commerce Ventures.
The investment will help Conduit expand its presence, strengthen its infrastructure, and increase fiat and stablecoin offerings. Conduit enables fast and secure cross-border payments by correlating stablecoins with local currencies.
It is directly linked with banks across the globe’s different continents, avoiding the traditional SWIFT process. The configuration streamlines transactions, cuts charges, and increases reliability. The platform now interfaces with banking infrastructures existing across North America, Latin America, Europe, Africa, and Asia.
Stablecoin solutions for faster global payments
Conduit expanded rapidly from 2023 to 2024. The transactions in its network increased by sixteenfold. It saved clients over 60,000 hours of settlement times and over $55 million in fees.
The firm facilitates actual transactions in real time and comes with integrated monitoring, compliance, and security measures. The service enables businesses to transfer funds nearly immediately, be it via SWIFT, ACH, or regional networks.
Most of Conduit’s customers are situated in places with constrained access to dollars or where there is a lack of banking infrastructure. Conduit enables them to trade between stablecoins and local currency promptly. Stablecoins facilitate faster and less frictional settlement of invoices. Conduit also handles a broad spectrum of currencies.
A single API for seamless Cross-Border payments
Companies from countries with volatile local currencies utilize the platform in order to have more control over their payments. It has a network of more than two dozen partner banks and institutional-quality FX providers, which enables them to complete large payments without any problems.
The firm launched in 2021 and employs 57 people. It now serves over 100 customers and increased its customer base by over twice the amount in the previous year. Conduit now also aims to expand further in the Asian market and consolidate its presence in Latin America. The fresh capital will finance the drive.
Conduit interconnects blockchains, banks, and payment systems via a unified API. The system enables clients to send money across the globe with increased velocity and reduced complexity. The objective of the company is to develop the kind of infrastructure to make the next generation of payments global, providing businesses with a more efficient process for cross-border transactions.
