Conduit, the company re-imagining global financial infrastructure, announced today it has raised $36 million in Series A funding to scale real-time, stablecoin-powered cross-border payments across Latin America, Africa, and Asia.
The round was co-led by:
Dragonfly and
Altos Ventures
with participation from:
Sound Ventures
Commerce Ventures
DCG
Circle Ventures
and existing investors:
Helios and
Portage Ventures.
This brings Conduit’s total funding to $53 million to date.
Conduit markets its payment system as an alternative to the messaging network Society for Worldwide Interbank Financial Telecommunications (SWIFT). Banks have relied on the SWIFT protocol to process wire transfers since the 1970s.
Conduit is building a modern alternative to the legacy systems that dominate global business payments – infrastructure that is faster, cheaper, and more reliable. At the core of this vision is the belief that stablecoins are not just a new technology, but a critical bridge that connects fragmented global payment systems.
“Traditional cross-border rails are slow, opaque, and costly. Stablecoins offer a better path – instant, transparent, and fully interoperable between fiat and digital currencies,” said [Name, Title, Conduit].
Conduit claims its clients have saved more than 60,000 hours in settlement times and over $55 million in fees since launching in 2021.
That vision is already materializing. In 2024, Conduit’s platform saw 16x transaction volume growth, surpassing $10 billion in annualized volume. The company’s network now spans 14 currencies and over 20 banking partners across nine countries, including the U.S., Mexico, Brazil, Nigeria, and Kenya.
With this new capital, Conduit will:
Launch in five new Asian markets
Expand local currency and stablecoin coverage
Grow its team and enhance platform infrastructure
“We’re grateful to our investors, clients, and partners who’ve believed in our mission from day one,” the company shared.
“Cross-border payments are long overdue for change – and we’re building the rails that global businesses need to grow.”
Conduit is one of key fintechs in the Circle Payments Network mainnet participants which speaks of its impact and projected growth in stablecoin adoption across emerging markets.
INTRODUCING | The @circle Payments Network Mainnet Is Now Live!#Nigeria is one of the 12 regions, and the only one in Africa, that Circle says it is exploring access expansion in 2025.https://t.co/34j6tj3zXr pic.twitter.com/u2nZSjRgfU
— BitKE (@BitcoinKE) May 22, 2025
Stablecoins have experienced significant growth in emerging markets, particularly across Africa, where they now account for approximately 43% of all cryptocurrency transaction volume.
STABLECOINS | Majority of New $USDT Users Are Coming from Emerging Markets, Including African Cities, Says a Bloomberg Analysis
According to Ardoino, Tether has just over 300 million users globally.https://t.co/DQz6v1xCHi @Tether_to @paoloardoino pic.twitter.com/jXthoNYyGt
— BitKE (@BitcoinKE) November 6, 2024
This surge is largely attributed to economic challenges such as currency devaluation and foreign exchange shortages. For instance, Ethiopia has emerged as the continent’s fastest-growing market for retail-sized stablecoin transfers, experiencing a 180% year-over-year growth.
REPORT | Stablecoin Transfers Account for 43% of All Crypto Transfers Across Africa, #Ethiopia is Fastest-Growing Market, Says Chainalysis
According to Chainalysis, Ethiopia has become the continent’s fastest-growing market for retail-sized stablecoin transfers, experiencing a… pic.twitter.com/pJMLHAp09T
— BitKE (@BitcoinKE) October 4, 2024
In Nigeria, stablecoins represent about 40% of all crypto inflows, the highest in Sub-Saharan Africa, providing a stable alternative amidst the Naira’s depreciation. The data shows that the USDT/NGN pair is now among the most actively traded pairs on centralized exchanges in Nigeria, overtaking Bitcoin.
STABLECOINS | The Nigeria Stablecoin Boom – $USDT Adoption Surges as Crypto Landscape Evolves
The data shows that the USDT/NGN pair is now among the most actively traded pairs on centralized exchanges in Nigeria, overtaking #Bitcoin.https://t.co/EVCwJk98qz @Tether_to pic.twitter.com/RAggRIUsMh
— BitKE (@BitcoinKE) May 6, 2025
The adoption of stablecoins like Tether’s USDT is not limited to Africa; emerging markets globally are embracing these digital assets. Tether CEO, Paolo Ardoino, highlighted that the recent growth of $USDT is primarily fueled by its adoption in emerging markets as an alternative to the U.S. dollar, rather than by demand for cryptocurrency trading. This trend is evident in countries like Turkey, Vietnam, Brazil, Argentina, and various African nations, where access to dollars can be limited.
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About Conduit
Conduit is a cross-border payments platform powering real-time settlement with stablecoins.
By bridging the gap between fiat and crypto infrastructure, Conduit helps businesses move money across markets seamlessly, affordably, and transparently.
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