Latest news with #Conduit
Yahoo
a day ago
- Business
- Yahoo
Conduit, Palla raise cross-border capital
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Conduit, which incorporates stablecoins into its cross-border payments network, closed on a $36 million haul from investors this week, the Boston-based company said in a Wednesday press release. The venture capital firms Dragonfly and Altos Ventures led the fundraising round. Palla, which also operates a cross-border payments platform, raised $14.5 million from Revolution Ventures, Y Combinator, Meta Fund and other investors, according to its Wednesday press release. The new funding for the startups, which both offer real-time payments, is expected to help each of them expand into new geographic markets and add more services, their separate press releases said. Cross-border payments are notoriously slow, complicated and expensive, but recent advances in digital payments are allowing a slew of nascent fintechs to offer alternative international payment tools. They aim to challenge legacy players in that arena, such as Swift, MoneyGram, PayPal and Western Union. Conduit 'seamlessly' integrates stablecoins, which are cryptocurrencies pegged to a stable value, with U.S. dollars and other countries' local currencies to offer businesses, the company said in its release. The business aims to be an alternative to Belgium-based Swift, the dominant cross-border payments system. Conduit is led by CEO Kirill Gertman, who is based in the Boston area, according to his LinkedIn profile. The company is also based in Boston and has raised a total of $53 million, said a Conduit spokesperson. The company was founded in 2021 and has about 100 clients, with support from 57 employees, the release said. While Conduit competes with Swift, short for the Society for Worldwide Interbank Financial Telecommunication, it also connects to that network, as well as other rails, including ACH and Fedwire, plus local currency systems in other countries. Currently, Conduit services are available in the U.K., as well as other parts of Europe, China, Hong Kong, Mexico, Brazil, Colombia, Nigeria, and Kenya, among others. It expects to reach further into Asia and Mexico in the future, per the release. Miami-based Palla, which was founded a year earlier in 2020, has developed a clientele of some 30 financial institutions and fintech distribution partners that incorporate the startup's cross-border payments capabilities into their own offerings, per the press release. The company has raised about $15 million in total, a spokesperson for the startup said. Palla enables its partners to embed instant international payments into their own digital channels by way of APIs, white-label apps and other embedded features, the release said. The company aims to add more partners to its lineup before the end of the year, with plans to expand in Latin America, the Caribbean and beyond those regions. The company also expects to broaden existing payment pathways and open new ones for sending and receiving funds as it launches new product lines and money management tools. 'Our goal has always been to simplify and secure cross-border transfers, giving financial institutions the opportunity to make them faster, safer, and more user-friendly than ever before,' Palla CEO Enrique Perezalonso said in the release. 'This investment will accelerate our growth and further our mission to make international payments seamless and accessible to everyone.' Revolution Ventures, which led Palla's funding round, has poured funding into other noteworthy fintech firms, including Trust & Will, Revolution Money by American Express, Policygenius' Zinna, Rize by Fifth Third Bank and Hello Wallet by Morningstar, according to the investor's website. In addition to the capital infusion, Palla said David Golden, managing partner at Revolution Ventures, and Heidi Miller, former president of JPMorgan International, will join Palla's board of directors, according to the press release. The cross-border companies may face additional costs as they seek to expand. U.S. lawmakers are weighing whether to tax cross-border remittances. Last week, the House of Representatives passed a budget bill that would tax cross-border money transfers. The Senate hasn't voted on the bill yet, but fintech groups, including Financial Technology Association, American Fintech Council and Electronic Transactions Association, have already decried the legislation. Erreur lors de la récupération des données Connectez-vous pour accéder à votre portefeuille Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données Erreur lors de la récupération des données
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
Scroll.in
14-05-2025
- Entertainment
- Scroll.in
A new UK publisher will focus on books by men. Are male writers and readers really under threat?
A new publisher, Conduit Books, founded by UK novelist and critic Jude Cook, will focus on publishing literary fiction and memoirs by men: at least initially. Conduit is currently seeking its launch title, 'preferably a debut novel by a male UK novelist under 35'. It aims to publish three books a year from 2026. Diminishing attention is now paid to male authors, Cook feels, creating a need for 'an independent publisher that champions literary fiction by men'. This argument has been made closer to home [in Australia] too. Earlier this year, Australian poet and fiction writer Michael Crane bemoaned the diminishing space and attention for male authors, claiming to be unfairly overlooked as a white male author over 50. Prizes, working writers and sales While more focused on age than gender, Crane noted, 'most books published locally are by women'. He also argued that female writers have recently come to dominate the Miles Franklin Literary Award shortlist. There is some truth in this: since 2012, the year the Stella Prize was founded, there have been 12 women winners of the Miles Franklin and just one man. In the equivalent preceding period (1999–2011), there were ten men and three women. So, there has been a change – even a flip – in the past decade or so. That said, older male authors have historically been overrepresented in literary culture, both within Australia and globally. The shift seems, in part, a correction. Last year's overall top ten bestseller list in Australia reads similarly: seven titles were authored by women. Two of these, ranked first and second, were RecipeTin Eats cookbooks by Nagi Maehashi. In the UK, too, female authors are increasingly dominating publishing lists and the space and attention for male authors has dwindled. New and established male authors lack the 'cultural buzz' associated with female authors like Sally Rooney, who have arguably captured the literary zeitgeist, wrote literary critic Johanna Thomas-Corr in the Guardian. On the other hand, in the period when Australia's leading literary prize had 12 women and one male winner (2012–24), the Booker Prize was still narrowly dominated by men, with eight male and six female winners. (Two women, Bernardine Evaristo and Margaret Atwood, shared the 2019 prize.) And in the US during that period, the Pulitzer Prize for Fiction was heavily dominated by men, with nine male and four female winners. (The 2023 prize was shared between Barbara Kingsolver and Hernan Diaz.) The 2025 Pulitzer Prize for fiction winner is Percival Everett, for James. Do men need better stories? While Cook's project has its sceptics, it seems well-intentioned. As Cook notes, current conversations around toxic masculinity make it more important than ever to 'pay attention to what young men are reading'. Other commentators have argued the decline of male authors and readers is a cause for concern, too. In recent months, Las Vegas English professor David J Morris argued in the New York Times that dwindling interest in literary fiction represents emotional, cultural and educational regression among men in the United States. He notes women readers now account for about 80% of US fiction sales. The alienated, disaffected young men who have been drawn to the 'manosphere' and contributed to Trump's second election win 'need better stories – and they need to see themselves as belonging to the world of storytelling'. He makes a good case for the importance of literary fiction in developing emotional intelligence – and that the decline in male readership is therefore troubling. Cook seems to agree: he believes important narratives and voices are being overlooked. He is keen to publish novels and stories that focus on fatherhood, masculinity, working-class life, relationships and other topics that relate to 'navigating the 21st century as a man'. He stresses, however, that Conduit Books is not taking an 'adversarial stance'. It will 'not exclude writers of colour, or queer, non-binary and neurodivergent authors'. Women read more than men A February 2025 Australia Reads survey indicates 'avid readers' (who regularly start new books and read daily) are predominantly women, whereas 'ambivalent readers' and 'uninterested non-readers' were far more likely to be men. Furthermore, recent research suggests there is still a significant gender bias in male reading habits. Men made up less than 20 per cent of the readership for the top ten bestselling titles by female authors, Nielsen Bookscan data revealed in 2023. Conversely, the readership for bestselling titles by male authors was more evenly split: 56 per cent men and 44 per cent women. Women, on balance, read far more than men do, and are much more willing to read books by men than men are to read books by women. It would be fair to say all writers of literary fiction are largely dependent on a predominantly female audience – and have been for a long time. Back in 2005, when male writers were not exactly underrepresented in the literary marketplace, UK novelist Ian McEwan embarked on an experiment. Seeking to clear out some shelf space, he took a stack of novels to a nearby park and attempted to give them away to passersby. The free books were happily accepted by women, but he failed to give away a single title to a man. McEwan gloomily concluded: 'When women stop reading, the novel will be dead'. Publishing and demand Cook believes works by men that grapple with themes especially relevant to male readers are 'not being commissioned' in the current literary environment. A 2020 diversity study reported 78 per cent of editorial staff in the UK are women (though the same study indicates just under half of senior management roles in publishing are still occupied by men). An anonymous male publisher told the Guardian a few years ago, 'the exciting writing is coming from women right now', but this was 'because there aren't that many men around. Men aren't coming through.' Another publisher, from literary imprint Serpent's Tail, said: 'If a really good novel by a male writer lands on my desk, I do genuinely say to myself, this will be more difficult to publish.' Sales figures seem to back this. The Guardian calculated, based on figures from the Bookseller, that 629 of the 1,000 bestselling fiction titles from 2020 were written by women, with 341 authored by men (27 were co-authored by men and women, and three were by non-binary writers). Of course, many still read the historical literary canon, which is overwhelmingly male. Cook seems to argue that men are now less interested in literary fiction because there are fewer contemporary male authors, and they attract less commentary and acclaim. But it is just as likely that female authors have become more prominent because women are consistently more engaged with literary fiction – and the publishing market is simply adapting to cater to its principal audience. Can we bring back male readers? So will publishing and promoting more men bring back male readers? Or does this just amount to a demand that the overwhelmingly female audience for literary fiction should pay more attention to male authors? As literary critic Thomas-Corr notes, regardless of authorship, a lot of men couldn't give a toss about fiction, especially literary fiction. They have video games, YouTube, nonfiction, podcasts, magazines, Netflix. Male writers are still well represented in these media, so perhaps it may be as or more important to devote serious attention to their narratives and storytelling practices. Novels aren't, after all, the only engines for emotional intelligence or empathy. Cook's initiative will at the very least create more discussion around the growing absence of male authors and readers in literary spaces, and will probably ensure the first few titles published by Conduit Press will be received with interest. But given contemporary reading demographics, it seems reasonable to expect male authors will occupy an increasingly niche space in literary publishing.
