Conduit, a fintech startup aiming to disrupt the global cross-border payments market, has secured $36 million in Series A funding to expand its stablecoin-based payment infrastructure. The round was co-led by Dragonfly and Altos Ventures, with backing from Sound Ventures, Commerce Ventures, Digital Currency Group, Circle Ventures, Helios Digital Ventures, and Portage Ventures.
Positioning itself as a faster, cheaper, and more reliable alternative to Swift, Conduit integrates stablecoins, USD, and local currencies to streamline international transfers. Its network is already connected with banks across North America, Latin America, Europe, Africa, and Asia, and the fresh funding will fuel further geographic expansion and broaden the platform’s support for both traditional and digital currencies via its real-time rails.
Conduit reports a 16x growth in transaction volume from 2023 to 2024, attributing its momentum to the inefficiencies of legacy payment systems. The company says its platform has saved clients more than 60,000 hours in settlement time and delivered over $55 million in fee reductions.
CEO Kirill Gertman 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.”
As businesses seek more modern, efficient payment alternatives, Conduit’s solution could signal a growing shift away from entrenched systems like Swift, especially with strong investor support and real-world traction behind it.