Africa in Focus as Conduit Secures $36M to Scale Stablecoin Infrastructure

Conduit, a fintech startup focused on transforming cross-border payments through Stablecoin technology, has secured $36 million in Series A funding to fuel its expansion across Latin America, Africa, and Asia.

The round was co-led by Dragonfly and Altos Ventures, with additional backing from Sound Ventures, Commerce Ventures, DCG, Circle Ventures, and existing investors Helios and Portage, bringing the company’s total funding to $53 million.

The startup's platform leverages stablecoins to bypass the slow and opaque systems that still govern global remittances and B2B transactions.

“We’re building a new kind of financial infrastructure—one that’s faster, cheaper, and more reliable than legacy systems,” said a spokesperson from Conduit. “Stablecoins aren’t just new technology—they’re the missing piece that connects fragmented payment systems worldwide.”

Conduit reported that transaction volume on its platform grew 16-fold in 2024, reaching over $10 billion in annualized volume. Its network currently supports 14 currencies and connects to more than 20 banks across nine countries, including the U.S., Mexico, Brazil, Nigeria, and Kenya.

The new funding will support the company’s launch in these markets, broaden its coverage of both local currencies and stablecoins, and expand its team and infrastructure capabilities.

For East Africa, where cross-border trade and remittances play a key economic role, Conduit's model offers a compelling alternative to legacy systems. With Kenya already integrated into its network, the startup is poised to deepen its footprint in the region.

“Cross-border payments are long overdue for change,” said the company. “We’re building the rails that global businesses need to grow.”

Targeting regions where traditional financial infrastructure remains inefficient, Conduit positions itself as a next-generation payments platform enabling faster and cheaper international transfers.