Canadian startup Conduit has raised $17 million in a funding round led by Portage Ventures, according to a statement. FinVC, Gemini Frontier Fund, and ex-a16z partner Rex Salisbury also participated in the round.
Conduit creates APIs — a software tool that enables easy access to new services — that it says will allow fintechs, neobanks, and traditional financial institutions to easily integrate high-yield DeFi accounts into their existing product offerings. They say that this will increase access to DeFi and facilitate mainstream adoption.
“We’re excited to back Conduit, as we believe bridging the DeFi and fintech worlds is a massive opportunity,” says Stephanie Choo, partner at Portage Ventures. “The Conduit API will allow a whole new set of consumers to participate directly from platforms they already use.”
APIs have previously been utilized by fintechs and legacy banks to provide new features to their customers that range from cryptocurrency investment services to new payments methods to savings accounts. In this space last year, open banking API startup TrueLayer raised a $130 million round led by Tiger Global.
Conduit plans to use the extra funding to further build out its APIs and expand to Latin America and the US.