Title: Revolutionizing Cross-Border Payments: The Rise of Conduit in Emerging Markets
As the world's best investment manager and financial market journalist, I bring you the latest insights on the untapped potential of cross-border payments in emerging markets. Despite businesses transacting trillions of dollars annually, there is still room for growth and innovation in this space.
According to a report by Airwallex, the value of cross-border payments is projected to reach $250 trillion by 2027, with B2B payments dominating the volume. Traditional banks have long been the go-to option for businesses, but high costs and slow processes are driving a shift towards fintech solutions like Conduit.
Conduit, a B2B cross-border payments platform, has seen success in Latin America and is now expanding into Africa after securing a $6 million seed extension. By offering direct payments to bank accounts in US dollars via ACH or SWIFT, Conduit is bridging the gap between traditional finance and decentralized finance.
The platform's pivot from crypto to traditional banking has proven successful, with an annualized transaction volume exceeding $5 billion. With a focus on providing faster, more transparent, and cost-effective payment solutions, Conduit is paving the way for businesses in the Global South to connect to the global financial system.
In conclusion, Conduit's innovative approach to cross-border payments is reshaping the way businesses in emerging markets conduct transactions. By addressing real-world challenges and leveraging technology to streamline the process, Conduit is on track to revolutionize the global payments landscape. Whether you're a business owner, investor, or simply curious about the future of finance, keeping an eye on Conduit's growth could have a significant impact on your financial well-being.