Latest news with #AltosVentures
Finextra
3 days ago
- Business
- Finextra
Conduit raises $36m to take on Swift with stablecoin-based cross-border payments
Stablecoin-based cross-border payments platform Conduit has raised $36 million in a Series A funding round co-led by Dragonfly and Altos Ventures. 0 Sound Ventures, Commerce Ventures, DCG, USDC issuer Circle Ventures, Helios Digital Ventures, and Portage Ventures joined the round. Conduit's cross-border payment network integrates stablecoins, USD and local currencies to provide what the firm claims is a faster, cheaper, and more reliable alternative to Swift. Already connected into multiple local banks across North America, Latin America, Europe, Africa, and Asia, Conduit will use the capital to fuel expansion into additional markets and support a broader range of traditional and digital currencies through its real-time payment rails. The round of funding comes on the back of strong growth, with transaction volumes growing 16 times through the Conduit platform between 2023 and 2024. The startup says it has saved clients over 60,000 hours in settlement times and generated fee savings worth over $55 million. Kirill Gertman, CEO, Conduit, says: "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."
Yahoo
3 days ago
- Business
- Yahoo
Exclusive: Stablecoin company Conduit raises $36 million from Dragonfly Capital and Altos Ventures
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. This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Conduit Raises $36M to Expand Stablecoin-Based Cross-Border Payments Beyond SWIFT
Conduit, a cross-border payments firm that uses stablecoins, has raised $36 million in a Series A round to expand its global payment rails, the company said on Wednesday. The round was led by Dragonfly and Altos Ventures, with backing from Circle Ventures and Digital Currency Group among others. Founded in 2021, the Boston-based startup offers real-time payments that blend crypto infrastructure with traditional finance systems. Its platform supports both stablecoins and local fiat currencies, helping businesses in markets with limited dollar access or unstable currencies move money more efficiently. The firm claims that its clients have saved over 60,000 hours in settlement time and avoided more than $55 million in fees. Stablecoins are one of the fastest-growing sectors in crypto, and an increasingly attractive target for venture capital investments. With their prices anchored to an external asset, predominantly to the U.S. dollar, they serve as a key piece of infrastructure for digital asset trading. They are also increasingly popular vehicle for payments, savings and remittances, especially in developing countries, as a cheaper and speedier alternative to traditional banking rails. Conduit says the funding will help it grow its footprint in Asia, Mexico and other parts of the world. Rob Hadick of Dragonfly Capital will join Conduit's board as part of the deal. "With billions of annual transaction volume already flowing through Conduit's platform, it has proven there's a better way to move money globally and that stablecoins are the future of cross-border payments," Hadick said in a statement. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
