Conduit Raises $17M in Seed Funding
Jan 15, 2022
We’re excited to share that Conduit raised $17M USD in seed funding to fuel their expansion as they help solve the problem of unequal access to financial services. Conduit makes it possible for companies to seamlessly integrate DeFi products within their platform by simplifying compliance, development and supporting a customer-friendly experience. Learn more about the company’s mission here.
In addition to Diagram, the funding was raised from Portage Ventures (that led the round) and FinVC, Gemini Frontier Fund, Gradient Ventures, Core Innovation Capital, Inovia Capital, Gaingels, Discovery Ventures and Jump Crypto, plus strategic investors from PayPal, Google, Coinbase and other organizations.
Driving the DeFi Revolution
Conduit’s single API helps fintechs, neobanks, exchanges, and traditional financial institutions offer crypto-backed earnings products to their customers in two key ways: growth earnings accounts, where companies can let their customers invest their fiat currency in DeFi accounts, and by allowing companies to add crypto to their treasury through secure, high yield, crypto-backed holdings.
Despite an extraordinary increase in interest in DeFi, the average consumer still doesn't have straightforward access to crypto based products. By bridging this gap, Conduit is creating new ways for more consumers to participate in the decentralized economy using products and platforms they’re already familiar with.
Counting clients in Canada and South America, Conduit is planning on expanding into the U.S. and Europe. The team is aiming to triple their headcount over the year and is hiring for a number of positions, which you can learn more about here.
We’re so proud of the team and look forward to being a part of your journey! Congratulations!