Conduit Raises $36M Series A Led by Dragonfly & Altos to Modernize B2B Stablecoin Payments

May 28, 2025 – Conduit, a modern cross-border payments platform empowering businesses with faster, cheaper, and more transparent international transactions, today announced it has successfully closed a $36 million Series A funding round. The round was co-led by prominent venture capital firms Dragonfly Capital and Altos Ventures, with significant participation from Sound Ventures, Digital Currency Group (DCG), and Commerce Ventures.

This latest investment brings Conduit’s total funding to $53 million and will fuel the company's expansion into new markets and the enhancement of its innovative payment infrastructure, which seamlessly integrates stablecoins with traditional fiat currencies.

Founded in 2021 by CEO Kirill Gertman, Conduit is on a mission to simplify the complexities of global money movement. "Conduit’s goal is to make cross-border payments faster, cheaper, and more reliable for businesses worldwide," said Gertman. "We settle international payments with stablecoins—a type of cryptocurrency designed to maintain a value in line with the U.S. dollar—in an attempt to complete transactions more quickly than traditional banks. Essentially, our service is the one-stop-shop for going in and out of local currencies and stablecoins."

Conduit’s platform enables near-instant global transfers across stablecoins (like USDC and USDT), U.S. dollars, and a growing list of local currencies. It connects to a diverse array of payment rails, including SWIFT, ACH, and local payment methods in key regions such as Latin America (Brazil, Mexico), Africa (Nigeria, Kenya), China, and the United States. The company currently supports 14 different fiat currencies and operates in nine countries, leveraging a robust network of over 20 banking partners to ensure optimal access to local rails.

Since launching its flagship service in late 2023, Conduit has demonstrated remarkable growth and market adoption. The platform is already processing over $10 billion in annualized transaction volume, serving more than 5,000 merchants globally. Additionally, over 100 fintech platforms have embedded Conduit’s powerful payment capabilities directly into their own interfaces, highlighting the demand for its developer-friendly API and intuitive web application. Businesses utilize Conduit for a range of critical financial operations, including streamlining accounts payable, managing global cash flow and treasury operations, and executing fast, reliable remote payroll.

Conduit generates revenue by charging customers a fee on each stablecoin transaction, offering competitive rates and deep liquidity designed to support high-volume, high-velocity global payments.

The newly acquired capital will be strategically deployed to accelerate Conduit's growth trajectory. Key initiatives include:

Geographic Expansion: Introducing Conduit’s product in five new Asian countries by the end of 2025.

Client Base Diversification: Expanding its services to cater to new types of businesses and industries.

Product Development: Continuously enhancing its platform to offer more features and broader currency support.

The backing from esteemed investors like Dragonfly Capital, Altos Ventures, Sound Ventures, DCG, and Commerce Ventures underscores the significant market opportunity and Conduit’s strong position to capture it. Their support validates Conduit’s innovative approach to solving long-standing challenges in the B2B cross-border payments landscape, a sector increasingly looking towards stablecoins for efficiency and reliability.

While the stablecoin-powered payments space sees activity from various players, including crypto firms like Ripple and payment giants such as Stripe (which acquired stablecoin startup Bridge), Conduit's focus on providing a comprehensive, developer-centric platform for businesses, combined with its deep local payment rail integrations, sets it apart.

About Conduit:

Conduit Technology Inc. is a modern cross-border payments platform designed for businesses seeking faster, cheaper, and more transparent international transactions. Founded in 2021, Conduit enables near-instant global transfers across stablecoins, USD, and local currencies by connecting to diverse payment rails worldwide. Offering a developer-friendly API and an intuitive web app, Conduit helps companies efficiently manage accounts payable, global payroll, and treasury operations. Conduit Technology Inc. is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and as a Money Services Business (MSB) with FinCEN in the state of Montana.

About Dragonfly Capital:

Dragonfly Capital is a global crypto-focused investment firm that partners with founders to build generational companies in the blockchain and digital asset space.