Conduit, a cross-border payments platform, has raised $36 million in Series A funding to expand its use of stablecoins for international business transactions.
The company offers an alternative to legacy systems such as SWIFT by reducing settlement times and transaction fees through direct bank integrations and real-time currency conversion.
Cross-border payments continue to carry high costs, especially in emerging markets. According to the World Bank, the average global cost of sending remittances stood at 6.2 percent in 2023. Businesses often incur higher charges due to additional processing layers, including intermediary banking fees, foreign exchange markups and compliance duplication.
Legacy networks such as SWIFT rely on chains of correspondent banks. These introduce delays and increase overall cost, while making transaction status and final settlement timing harder to track.
Conduit connects directly with more than 24 local banks across regions including Africa, Asia, Latin America and Europe. It supports real-time settlement in both stablecoins and fiat currencies through a single application programming interface (API).
Transactions can move across traditional payment rails and blockchain-based networks, with built-in compliance tools such as sanctions screening and transaction monitoring.
In a statement, the company reported it processed over $10 billion in annualised payment volume and helped clients save more than $55 million in transaction fees. It also claims to have eliminated over 60,000 hours of settlement delays.
“Traditional cross-border payment systems do not meet the demands of modern businesses,” said Kirill Gertman, chief executive of Conduit. “Conduit’s platform uses stablecoin infrastructure alongside banking networks to offer faster and more affordable payments.”
Business adoption grows in emerging markets
The platform has gained traction among companies operating in regions with inflationary currencies, foreign exchange restrictions or limited access to US dollars. Conduit enables near-instant payments and supports local currency settlements, helping companies manage treasury operations more efficiently across jurisdictions.
Transaction volume on the platform grew 16 times between 2023 and 2024. The company now serves more than 100 clients and plans to expand further into Asia and Latin America.
“By addressing the real pain points businesses face with international transactions, particularly in emerging markets, Conduit has positioned itself as critical infrastructure,” said Rob Hadick, general partner at Dragonfly, which co-led the investment round.
Competitive pressure and regulatory scrutiny increase
The funding round included participation from Circle Ventures, the issuer of the USDC stablecoin, reflecting a growing alignment between stablecoin issuers and infrastructure providers offering institutional payment solutions.
Traditional networks are also exploring similar capabilities. SWIFT has announced pilot programmes for tokenised asset transfers and stablecoin interoperability, though these initiatives remain in early development.
Conduit incorporates compliance screening at the transaction layer, which may help address regulatory concerns over stablecoin use in cross-border payments. The company also maintains direct partnerships with licensed financial institutions in multiple jurisdictions.
