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🚀 Conduit Expands Cross-Border Payments from LatAm to Africa with a $6M Seed Round

🚀 Conduit Expands Cross-Border Payments from LatAm to Africa with a $6M Seed Round

#fintech
#emerging markets
#payments
#Market Expansion
The global cross-border payment market is booming, yet many businesses are still underserved by traditional banks. 🌍💸 Conduit is stepping in to revolutionize the landscape, expanding from Latin America into Africa, and making it easier for businesses to connect to the global financial system. Here’s how they plan to transform international transactions.

Conduit, a leading fintech startup specializing in B2B cross-border payments, is expanding its operations from Latin America into Africa after securing a $6 million seed extension from Helios Digital Ventures. With the global cross-border payment market poised for substantial growth, Conduit aims to provide faster, cost-effective solutions to businesses navigating complex financial landscapes across continents.


Key Highlights:

  • Market Potential: Cross-border payments are expected to surge by 60%, reaching $250 trillion by 2027.
  • Pivot to TradFi: After facing challenges in the crypto market downturn of 2022, Conduit shifted focus to traditional banking, specifically B2B cross-border payments.
  • Global Expansion: Conduit initially launched its platform in Latin America and now targets the African market, where businesses face similar transaction challenges.
  • Investment & Growth: Conduit raised $6 million from Helios Digital Ventures, boosting its annualized transaction volume to over $5 billion. Notably, 20% of its business now comes from African countries like Kenya and Nigeria.
  • Technological Edge: Partnering with local banks, Conduit leverages technology to ensure faster, more transparent money transfers, offering a cost-effective alternative to traditional banking systems.
  • Future Roadmap: With plans to expand into Ghana and South Africa and a goal to break even by the end of the year, Conduit is on track to surpass its achievements in Latin America.


Additional Insights:

  • Competitive Landscape: Conduit’s main competitors in Africa include established platforms like AZA Finance, YC-backed Verto, and Waza.
  • Operational Leadership: The African expansion will be managed by Eric Wainaina, formerly of The Kenyan Wall Street, with compliance and operations led by former executives from Marqeta and the SEC.
  • Strategic Vision: According to Wale Ayeni, managing partner at Helios Digital Ventures, Conduit's mission is to rebuild the backend for global payments, better serving African ecosystems in connecting with the global economy.


Conduit’s strategic expansion into Africa, backed by a robust investment and a focus on technology-driven solutions, is set to redefine how businesses engage in cross-border payments. With impressive growth metrics and a clear vision for the future, Conduit is poised to lead the charge in bridging financial gaps across continents. 🌐💼



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