Stablecoin payments infrastructure provider Conduit has raised US$36 million in a Series A funding round led by Dragonfly Capital, signaling a major acceleration in the firm’s global growth ambitions following its successful forays into Latin America and Africa.
- •Founded in 2021, Conduit initially emerged as a bridge between crypto wallets and neobanks but pivoted in 2023 to focus on B2B cross-border transactions.
- •The company has since grown into a prominent player in digital finance, processing over US$10 billion in 2024 and serving a global client base that includes over 5,000 merchants and 100 fintech platforms.
- •The company said it plans to use the new round of funding to launch into Asia, expand its local currency and stablecoin coverage, and grow its team.
“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,” Founder and CEO Kirill Gertman said.
“Essentially, our service is the one-stop-shop for going in and out of local currencies and stablecoins,” he added.
Conduit’s core product enables businesses to settle payments in stablecoins, cryptocurrencies pegged to the U.S. dollar, across borders with greater speed and lower fees than traditional banking channels. Its infrastructure supports 14 fiat currencies and operates through a network of over 20 banking partners. Businesses using the platform can send U.S. dollar payments directly to international bank accounts without needing a U.S. entity, a key advantage in emerging markets.
With the new funding, Conduit plans to expand into five Asian countries by year-end, marking the company’s first significant entry into the Asia-Pacific region. The expansion aims to capitalize on increasing demand for efficient B2B payment solutions in export-heavy economies.
In August last year, the company appointed Eric Wainaina, a seasoned fintech leader, to head its African division. Under his leadership, Conduit has deepened its presence in markets like Nigeria and Kenya, which now account for a significant portion of its transaction volume.
The company’s African operations, bolstered by strong uptake in logistics, payroll, and trade sectors, have become a growth engine. In 2024 alone, Africa contributed 20% of Conduit’s global transaction value, and Gertman projected that the continent may surpass Latin America as its largest regional market.
With cross-border B2B payments forecast to reach $250 trillion by 2027, Conduit’s strategic expansion into Africa and Asia places it at the heart of one of the world’s most dynamic financial transitions.
The Series A capital infusion brings Conduit’s total funding to $53 million, following earlier investments including a $6.5 million commitment from Helios Digital Ventures in 2024 that fueled African expansion.