Fintech Conduit receives US$ 6 million investment for expansion in Latin America and Africa

In August, Conduit 6 million received an investment of US$ 6 million from Helios Digital Ventures, the venture capital arm of Helios Investment Partners.With the investment, the company is boosting its geographic expansion to Africa and strengthening its presence in Latin America, with a focus on improving the speed and efficiency of transactions for its customers. 

Bernardo Janot, Manager of Conduit, explains that the company's operations in Latin America aim to provide international payment solutions that overcome the limitations of local banking systems. “Although countries like Brazil have efficient systems for domestic transactions, international transfers are still expensive and time-consuming.In partnership with local banks, the startup offers a faster and more economical process, allowing companies to send money in local currency, taking care of foreign exchange transfer and conversion, thus ensuring transparency and lower costs for the” recipient, he comments. 

Last year, Conduit's annualized transaction volume surpassed US$ 9 billion, with an increasing value coming from Kenya and Nigeria, regions where it recently launched operations and which saw a 25% growth in revenue month-to-month. Reflecting this data, fintech has an ambitious vision for its expansion in Africa and Asia.Prepared to address the challenges of fragmented local currencies and complex connections, the company will invest in these new markets to achieve even greater profitability by the end of the year. 

“Local feelings are increasingly being built simultaneously, supported by cutting-edge technology.Companies require good experience when making global payments.Traditional methods generally do not meet expectations.We are excited to support Conduit on its journey to serve more and better the South American and African ecosystems that connect to the global economy”, said Wale Aieni, managing partner of Helios Digital Ventures, in a statement.  

Changes in focus and expansion to Brazil

Originally launched as an API to connect fintechs, neobanks and traditional financial institutions with cryptocurrency-backed earnings products, Conduit shifted its focus after recognizing the pain points in B2B international payments from its own clients. Initially supported by US$ 17 million in investor financing such as Portage Ventures, Diagram Ventures and Gradient Ventures, the startup developed tools for institutional investors based on decentralized finance (DeFi), that is, allowing direct transactions between users. 

Conduit CEO Kirill Gertman states: “Our mission is to make international B2B payments better. Companies should be able to convert currencies and settle payments with greater speed, lower costs and better visibility than what is possible with traditional payment rails.We are committed to enabling this functionality for businesses worldwide, especially in fast-growing markets like Brazil 

Globally, fintech operates with more than 80 direct customers, including importing and exporting companies, payroll services and other cross-border platforms. Based on the investment received, the pipeline should reach the mark of 25 customers with projection of moving approximately US$ 10 billion in the next 12 months, considering the two continents, being US$ 1 billion only in Brazil. The startup targets sectors such as agriculture, textiles, exporters, ports, CVs and, mainly, fintechs interested in cross-border emissions, without the use of digital currencies.