In a major signal of stablecoins’ rising role in global finance, Conduit, the cross-border payments fintech reimagining global financial infrastructure, has raised $36 million in Series A funding to accelerate its expansion across Latin America, Africa, and Asia.
The round was co-led by Dragonfly and Altos Ventures, with backing from Sound Ventures, Commerce Ventures, Digital Currency Group (DCG), Circle Ventures, and returning investors Helios and Portage Ventures. This new injection brings Conduit’s total funding to $53 million.
From Legacy to Lightning-Speed Finance
Conduit is positioning itself as a modern alternative to the outdated SWIFT protocol, which has underpinned global wire transfers since the 1970s. Instead of relying on cumbersome interbank messaging, Conduit leverages stablecoins to offer real-time, low-cost, and transparent cross-border transactions, an attractive proposition for businesses navigating emerging markets where traditional finance falls short.
Since its launch in 2021, Conduit has enabled clients to save over 60,000 hours in settlement delays and $55 million in fees, proving its value proposition is more than just a promise.
Record Growth and Expanding Footprint
2024 marked a breakthrough year for the company. Conduit’s platform processed over $10 billion in annualized transaction volume, growing 16x year-over-year. Its network now supports 14 currencies and 20+ banking partners across nine countries, including the U.S., Mexico, Brazil, Nigeria, and Kenya, regions plagued by FX volatility, complex remittance flows, and underbanked populations.
With the new funding, Conduit plans to:
- Expand into five new Asian markets
- Broaden local currency and stablecoin support
- Grow its team and upgrade its platform infrastructure
“Cross-border payments are long overdue for change, and we’re building the rails that global businesses need to grow,” Conduit shared in a statement.
Why This Matters for Africa and Other Emerging Markets
Conduit is a key member of the Circle Payments Network, signaling its strategic alignment with stablecoin giant Circle and its USDC ecosystem. The company’s infrastructure complements the explosive adoption of stablecoins in emerging markets, where economic instability, inflation, and limited access to foreign currencies have made dollar-backed assets like USDT and USDC increasingly vital.
Across Africa:
- Stablecoins now account for ~43% of all crypto transaction volume.
- In Nigeria, they represent about 40% of crypto inflows, with the USDT/NGN pair dominating centralized exchange activity.
- In Ethiopia, retail-sized stablecoin transfers have grown 180% year-over-year, making it the fastest-growing market on the continent.
Globally, this trend is mirrored in Turkey, Vietnam, Brazil, and Argentina, where stablecoins serve as a practical alternative to volatile local currencies and limited dollar access. Tether CEO Paolo Ardoino recently emphasized that USDT’s growth is being driven more by real-world utility in these regions than speculative crypto trading.
The Big Picture
Conduit’s raise, and its traction, reflect a bigger shift: Stablecoins are no longer just a crypto trend. They’re financial infrastructure. As businesses and consumers in emerging markets search for reliability amid inflation and currency controls, platforms like Conduit are building the backbone of a new financial order, one where dollars move at internet speed, across borders, and without friction.
