Conduit, a cross – border payments platform based in Boston, has successfully closed a $36 million Series A funding round. The round was co – led by Dragonfly and Altos Ventures, with participation from Sound Ventures, Commerce Ventures, DCG, Circle Ventures (the issuer of the USDC stablecoin), and existing investors Helios Digital Ventures and Portage Ventures.
The company will use the funds to scale its payment system and expand its currency offerings across fiat and stablecoins. Conduit markets its payment system as a modern alternative to the legacy SWIFT system. It seamlessly integrates stablecoins, USD, and local currencies, enabling near – real – time cross – border settlements through its crypto infrastructure.
Conduit has achieved significant growth, with transaction volumes growing 16 – fold between 2023 and 2024, and surpassing $10 billion in annualized payment volume. To date, it has saved clients over 60,000 hours in settlement times and generated fee savings worth over $55 million. The platform bridges crypto – native infrastructure with traditional finance, offering nearly instant, programmable global transactions with integrated AML, sanctions screening, and transaction monitoring. It has direct partnerships with two dozen banks across the world, enabling transactions to settle in seconds rather than days. Moreover, it natively supports a diverse range of currencies and payment methods, and its robust network of institutional – grade FX providers ensures large transactions can be processed seamlessly without liquidity constraints.
Founded in 2021, Conduit currently has 57 employees and serves more than 100 clients, experiencing 105% year – over – year client growth. The company plans to expand its product offering into Asia and strengthen its footprint in Mexico and other geographies.
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