Cross border payments platform Conduit has secured $36 million in Series A funding to expand its stablecoin powered payment infrastructure. The round was co-led by Dragonfly and Altos Ventures, with participation from Sound Ventures, Commerce Ventures, Circle Ventures, and other investors. The Boston based company, which combines traditional banking rails with stablecoins for international transfers, has achieved significant growth with transaction volumes increasing 16x in 2024.
Conduit currently operates at an annualized run rate of $10 billion in payment volume, serving over 100 clients with a team of 57 employees. Conduit says it has saved clients over $55 million in fees through its integrated approach to cross border payments. Multiple payment rails across key markets Conduit’s platform operates across multiple payment rails, including USD denominated networks (SWIFT, ACH, FedWire) and local payment systems throughout Europe, the UK, and countries such as China, Hong Kong, Mexico, Brazil, Colombia, Nigeria, and Kenya.
The company maintains direct partnerships with two dozen banks globally, enabling faster settlement compared to traditional correspondent banking networks. The platform currently supports transactions across North America, Latin America, Europe, Africa, and Asia, with plans to expand further into Asian markets and strengthen its presence in Mexico. “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,” said CEO Kirill Gertman. Growing stablecoin infrastructure sector Conduit’s funding round reflects broader investor interest in stablecoin payment infrastructure. Other recent developments include OpenFX raising $23 million for cross border stablecoin payments, Visa’s investment in B2B stablecoin firm BVNK, and MoonPay’s acquisition of Iron’s stablecoin API infrastructure.
Stripe has also expanded its stablecoin offerings, rolling out accounts in 101 countries following its acquisition of Bridge.
