Conduit, a stablecoin company founded in 2021, announced on Wednesday that it has raised $36 million led by Dragonfly Capital and Altos Ventures with participation from Sound Ventures, DCG, and Commerce Ventures. This round, a Series A, brings Conduit’s total funding to $53 million. The company did not disclose its valuation in the round.
Founder and CEO Kirill Gertman says Conduit’s goal is to make cross-border payments faster, cheaper and more reliable for businesses worldwide. He said that his company settles international payments with stablecoins—a type of cryptocurrency that is designed to maintain a value in line with the U.S. dollar—in an attempt to complete transactions more quickly than traditional banks.
In addition to helping companies send and receive stablecoins between countries, Conduit also helps its clients exchange local currencies for stablecoins and vice versa. “Essentially, our service is the one-stop-shop for going in and out of local currencies and stablecoins,” Gertman said.
Conduit supports 14 different fiat-currencies and operates in nine countries including the United States, Mexico, Brazil, Nigeria, and Kenya. “We have a network of over 20 banks across nine countries that we work with very closely that gives us the best access to local rails,” Gertman said, referring to the different payment infrastructure in each country.
Conduit’s payments service comes in the form of an app or can be embedded directly into a fintech platform’s interface. The company produces revenue by charging customers a fee on each stablecoin transaction.
Since launching its flagship service in late 2023, Conduit has grown to process more than $10 billion worth of transactions annually, Gertman said. The company services over 5,000 merchants globally and over 100 fintech platforms have embedded Conduit into their platforms.
Many other companies are also focused on making cross-border payments easier with stablecoins. These companies include crypto firm Ripple and payments giant Stripe,which acquired Bridge, a stablecoin start-up, in October.
Conduit plans to use the money raised in this round to introduce its product in five Asian countries by the end of the year and expand its client base to include new types of businesses.
Clarification, May 28, 2025: This article has been updated to clarify that Altos Ventures co-led the round with Dragonfly Capital.
