Conduit is a payment platform for companies and fintechs that connects bank transfers, virtual accounts and stablecoin settlement. A payer can fund in USD, EUR, GBP or a supported local currency, the intermediate leg may use a digital asset and the beneficiary receives an ordinary bank transfer or local payout.
The platform focuses on cross-border B2B corridors, including Latin America and Africa. Conduit reports more than $10bn in annualised volume. This page covers supported rails, pricing, timing, KYB, banking and infrastructure partners and country and liquidity limitations.
Key parameters:
| Registrations | MSB with FinCEN (US) and FINTRAC (Canada); no banking charter |
|---|---|
| Who it serves | importers, exporters, commodity traders, payroll services, e-commerce businesses and fintech platforms |
| Minimum ticket | $10,000; below that a flat $35 fee |
| Pricing | FX spread plus a corridor fee, tiered by volume; no public percentage |
| Settlement time | domestic USD up to 2 hours, international wire 2–8 hours, T+1 outside beneficiary banking hours |
| Coverage | more than 100 countries, 15 fiat currencies; USDC, USDT, USDH |
| Current status | private company, over $10bn annualised volume, $53m raised |
Company and product development
The company was founded in 2021 by Kirill Gertman, a self-taught product executive with over 15 years in fintech: before Conduit he was CPO of the digital bank Arival, ran product at the crypto fintech Eco, which raised over $86m with participation from a16z Crypto, and built his own analytics startup, For the Win. The base is Boston; the team is distributed and compact — ≈58 people, with operations in 14 countries according to the company.
Conduit initially offered a crypto-yield API for fintechs and neobanks. The collapse of Terra and FTX in 2022 knocked out demand, and in August 2023 the team relaunched in B2B cross-border payments, starting in Latin America; Gertman has said that after more than a year of searching for product-market fit, the team found it precisely there.
The company raised financing in several stages.
| Round | Date | Amount | Investors |
|---|---|---|---|
| Seed | — | — | Portage, Diagram, Gradient Ventures |
| Top-up | August 2024 | $6m | Helios Digital Ventures |
| Series A | 28 May 2025 | $36m | Dragonfly and Altos Ventures (co-leads), Sound Ventures, Commerce Ventures, DCG, Circle Ventures, Portage |
Total funding stands at $53m; Rob Hadick of Dragonfly took a board seat, and the proceeds went into expansion in Mexico and Asia.
The team reflects the company's regional and control priorities. The Africa business is run by Eric Wainaina, former director of the publication The Kenyan Wall Street; compliance was built by Mark Graves, a former SEC staffer and ex-CCO of the processor Marqeta. By August 2024 Kenya and Nigeria already accounted for ≈20% of platform volume, revenue was growing ≈25% month over month, and Ghana and South Africa were on the roadmap. Subsequent product developments included integration with Circle Payments Network on mainnet, onchain FX with Brazil's Braza Group, and multicurrency virtual accounts on 11 December 2025, which unified fiat and stablecoins in a single interface.
Products and pricing
A principal component of the platform is virtual accounts with balances in USD, EUR and GBP: dedicated account details and IBANs opened through regulated partner banks. There are two account types — a Corporate Treasury Account for the company's own treasury, and Customer Virtual Accounts, which a platform client issues to its own users with segregation of funds. Alongside them sit stablecoin wallets supporting USDC, USDT and USDH across several blockchains.
The company states that payouts cover more than 100 countries and 15 fiat currencies. The rails are SWIFT, Fedwire, FedNow, RTP, SEPA Instant, Brazil's PIX and TED, Mexico's SPEI and local RTGS systems; in Africa the platform is connected to M-Pesa, NIBSS and PAPSS, closing the last mile in Kenya and Nigeria. Control runs through an API or a no-code dashboard, and the status of every payment is visible in real time through the Payment Tracker.
The public terms in the public FAQ are as follows.
| Minimum ticket | $10,000; below that a flat $35 fee |
|---|---|
| FX quote window | 9:00–15:00 US Eastern time; outside it a less favourable after-hours rate |
| Per-transaction limit | $1.5m; €1.5m; 15m Brazilian reais; 10m Mexican pesos |
| Stablecoins | no ceiling |
Larger amounts are split or processed through the operations team.
Speed: a domestic USD payment takes up to 2 hours, an international wire 2–8 hours depending on the recipient's time zone, and T+1 outside the beneficiary's banking hours; confirmation of a payment inside the working window takes up to 10 minutes. The spread itself is not disclosed publicly — pricing is tiered and linked to volume; the industry benchmark for enterprise clients on liquid pairs is a spread of 0.1–0.5%, noticeably wider in thin corridors. The company reports aggregate client savings of more than $55m in fees and 60,000 hours of settlement time; these are provider-supplied figures.
Competitive landscape
Conduit is compared with BVNK, Bridge, Zerohash, Thunes, Fireblocks, Circle Payments Network and Paxos on licence perimeter, where the money sits, coins, reach and price in the B2B stablecoin infrastructure table in the neobanks guide; among the licensed rails it is the only independent one with a published minimum ticket. The stablecoin-payment infrastructure market consolidated in 2025–2026. Bridge was bought by Stripe for over $1bn (the deal closed in February 2025) and is strong on the US–Europe leg on top of Stripe's distribution; London-based BVNK, covering 130+ countries, is being acquired by Mastercard for ≈$1.8bn. Among the independents, the African specialists stand out: Y Combinator alumnus Waza with its multicurrency platform Lync (January 2025), and Nigeria's Kora, which sells stablecoins as an operational tool against local currency volatility.
Conduit specialises in corridors connecting Latin America, Africa and other emerging markets where local payment access and liquidity are important. Circle Payments Network is an infrastructure partner and may also reduce the need for intermediaries as more banks connect directly.
Clients, use cases and limitations
Conduit's principal clients are importers, exporters, commodity traders, payroll services, e-commerce businesses and fintech platforms. Virtual accounts can collect supported currencies, while local payout rails may reduce settlement time compared with some correspondent routes.
Actual cost and timing depend on the currency pair, time of submission, beneficiary country, local liquidity and transaction review. Country coverage does not guarantee a uniform spread or service level. Before moving recurring volume, confirm the legal status of funds, limits, returns, account holds and test results for the required corridors.
Legal and operating infrastructure
Corporate onboarding is an eight-step KYB: incorporation documents, a shareholder register, a bank statement, a balance sheet, a tax certificate and proof of address; financial companies additionally submit their own AML policy. Identity documents are required for all UBOs, directors and signatories; review time depends on structure, jurisdiction, product and document completeness. The sanctions perimeter is formalised in a public list of prohibited countries — the Country Risk Rankings policy in its edition of 20 April 2026.
Compliance, meanwhile, lives at the level of each individual transaction: every payment must be backed by an invoice, contract or purchase order. For goods transactions the documents must carry HS codes, Incoterms, weight and country of origin; in Mexico and Colombia invoices are accepted only with a digital signature and a QR code, and internal transfers between a client's own entities are supported by three months of bank statements. These transaction documents support sanctions, AML, trade-finance and purpose-of-payment controls in the relevant corridors.
Technically the core is assembled from a combination of blockchain infrastructure and banking partnerships: stablecoin custody runs on Fireblocks MPC wallets, and the Brazilian FX leg on a partnership with Braza Group, whose real-backed stablecoin BBRL swaps into dollar assets on-chain in minutes; Braza itself handled over $67bn of FX operations in 2024.
The company relies on MSB registrations, partner banks and local payout providers rather than a banking charter: Conduit Technology, Inc. is registered as an MSB with FinCEN, the Canadian entity holds an MSB registration with FINTRAC, and there is no banking charter — client money physically sits in a network of nearly 30 partner banks worldwide, including six active banks in the United States.
Routing itself picks between fiat rails and the stablecoin leg, and revenue comes from the FX spread plus a corridor fee; the model remains dependent on partner banks, local payout providers, stablecoin issuers and available liquidity.
Regulation and status
Conduit is a private company, with a perimeter of MSB registrations in the United States and Canada and no banking charter, operating through regulated banking partners and the licences of local payout providers. Milestones by date:
| Date | Milestone |
|---|---|
| August 2023 | pivot from crypto API into payments, launch of the flagship service |
| 2024 | 16-fold volume growth |
| 28.05.2025 | $36m Series A, $53m raised in total |
| 12.06.2025 | onchain FX with Braza Group |
| 2025 | integration with Circle Payments Network |
| 11.12.2025 | multicurrency virtual accounts |
The platform reports over $10bn in annualised volume and over 100 countries covered.
Q/A
Is Conduit suitable for personal transfers?
The platform is built for B2B: legal entities, foreign trade contracts, corporate KYB onboarding and a minimum ticket of $10,000. Personal payments are better handled with other instruments. For a trading company inside a group, this is the on-profile option.
How much do transfers through Conduit cost?
There is no public percentage price list: the cost is made up of the FX spread and a corridor fee, with tiered rates linked to volume. What is fixed in the public FAQ is a flat $35 on amounts under $10,000 and less favourable quotes outside the 9:00–15:00 ET trading window. The practical move is to request quotes for your own corridors and compare them with the bank-plus-SWIFT combination on real amounts.
What documents will be required?
At onboarding, the standard KYB package: incorporation documents, a shareholder register, a bank statement, a balance sheet, a tax certificate, proof of address and identity documents for all UBOs and directors. After that, every payment is backed by an invoice, contract or purchase order; goods transactions require HS codes, Incoterms and country of origin. For Mexico and Colombia the invoice must carry a digital signature and a QR code.
Does the counterparty see that the settlement ran on a stablecoin?
The recipient sees an incoming payment in local currency to ordinary account details — PIX in Brazil, SPEI in Mexico, the NIBSS rails in Nigeria. The stablecoin works as internal transport between the legs of the corridor, while the invoice stays in dollars. For the accounting departments on both sides it is a standard payment under a contract.
How resilient is a provider without a banking licence?
The MSB-plus-partner-banks construction is the standard for US payment companies; Conduit has nearly 30 partner banks worldwide and $53m of capital raised. The weak point of any such model is dependence on partner banks and coin issuers, and market consolidation (Bridge under Stripe, BVNK under Mastercard) adds a question about the long-term independence of standalone players. Sensible hygiene: keep the transit short and spread flows across several providers.