Conduit Expands into Africa After Raising $6M in Seed Extension Round
Conduit, a fintech company specializing in cross-border B2B payments, is making its entry into the African market following a successful $6 million seed extension round led by Helios Digital Ventures, the venture capital arm of Helios Investment Partners. Originally launched in Latin America in August 2023, Conduit enables businesses to conduct cross-border transactions in US dollars through ACH or SWIFT, even if they lack a U.S. entity.
This expansion marks a strategic shift for Conduit, which initially focused on providing API connections for fintechs and neobanks to offer crypto-backed earning products. However, following the downturn in the crypto market in 2022, Conduit pivoted to traditional banking services. This transition has proven highly effective, particularly in regions where businesses face challenges accessing reliable payment infrastructures.
After experiencing significant success in Latin America, Conduit identified similar opportunities in Africa, where the need for efficient and transparent cross-border payment solutions is rapidly increasing. The company has already started operations in Kenya and Nigeria, partnering with local banks to streamline cross-border transactions.
Conduit’s annualized transaction volume has exceeded $5 billion, with 20% of that volume now coming from its newly launched African markets. The company anticipates that Africa will surpass Latin America in terms of transaction volume by early next year.
To lead its African expansion, Conduit has appointed Eric Wainaina, the former director of The Kenyan Wall Street, to oversee operations in the region. The company plans further expansion into Ghana and South Africa, where it will compete with established players such as Aza Finance, and YC-backed Verto and Waza.
Conduit’s entry into Africa represents a significant step in its global growth strategy, as it seeks to address the increasing demand for accessible and reliable cross-border payment solutions across emerging markets.
