Conduit, a Boston-based fintech specializing in cross-border payments, recently secured a substantial funding of $36 million. Led by Dragonfly and Altos Ventures, the Series A funding round will enable the company to scale its innovative payment system. It also aims to increase its currency offerings, spanning both fiat and stablecoins.
This move underlines the fintech startup’s ambition to provide a reliable alternative to SWIFT, the traditional banking method used for wire transfers worldwide. Conduit combines the use of stablecoins and local fiat currencies, allowing near real-time cross-border settlements. CEO Kirill Gertman asserts the company’s mission of meeting the demands of modern businesses with its advantageous payment system.
Other investor participations include Sound Ventures, Commerce Ventures, DCG, Circle Ventures, Helios Digital Ventures, and Portage Ventures. Their impressive performance so far indicates clients saved over $55 million in fees and more than 60,000 hours in settlement times.
As stablecoins continue to gain acceptance, recent data from DeFiLlama reports that the market capitalization for these digital assets reached $247 billion in May this year—a remarkable 54% surge compared to last year.
Such growth in the stablecoins sector is also demonstrative in the funding raised by other fintech companies like Cap, Plasma, and Cedar Money. The former recently raised $11 million seed funding, while Circle—an issuer of USDC and investor in Conduit—is believed to be preparing for a public debut seeking a valuation of $6.71 billion.
In conclusion, the funding secured by Conduit and other players in this space indicates investors’ growing confidence in the future of stablecoin-based fintech solutions.
