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Boston-based fintech startup Conduit has successfully closed a $36 million Series A funding round to disrupt traditional cross-border payments. The investment was co-led by Dragonfly and Altos Ventures, with participation from notable firms including Circle Ventures and DCG.
Conduit's platform combines stablecoin technology with local fiat currencies to enable near-instant international settlements. This approach directly challenges the decades-old SWIFT network, which currently processes the majority of bank wire transfers globally. Since its 2021 launch, Conduit claims its system has saved clients 【60,000+ hours】 in settlement times and over 【$55 million】 in transaction fees.
——"Legacy systems simply can't keep pace with today's business needs,"—— emphasized CEO Kirill Gertman, highlighting how traditional transfers often take 3-5 business days compared to Conduit's minute-scale transactions.
The funding coincides with surging stablecoin adoption, with the total market cap reaching 【$247 billion】 as of May 28—a 54% year-over-year increase. This growth mirrors recent investments in similar platforms:
• Cap: $11M seed round (April 2025)
• Plasma: $24M funding (February 2025)
• Cedar Money: $9.9M round (January 2025)
Notably, investor Circle Ventures—affiliated with USDC issuer Circle—joined the round as its parent company prepares for a 【$624 million】 IPO. The financing will expand Conduit's currency offerings and scale its infrastructure to handle increased transaction volumes.
Industry observers suggest this signals broader transformation in global payments, where crypto-native solutions increasingly compete with traditional banking rails. As regulatory frameworks evolve—including recent UK FCA consultations on stablecoin rules—the sector appears poised for accelerated growth.
——The race to rebuild financial plumbing has entered its decisive phase—— remarked a fintech analyst familiar with the deal, speaking on condition of anonymity.