Conduit, a cross-border payments platform, has appointed seasoned fintech executive Eric Wainaina to spearhead its expansion across Africa. The appointment comes on the heels of a US$6.5 million investment from Helios Digital Ventures, which will fuel the company’s growth in the continent.
Initially focused on bridging the gap between cryptocurrencies and neobanks, Conduit pivoted to the B2B sector in 2023 after the crypto market downturn. The platform has since experienced rapid growth, with transaction volume surpassing US$5 billion annually.
Wainaina brings a wealth of experience to Conduit, having previously served as a director at The Kenyan Wall Street. His appointment underscores the company’s commitment to tapping into the African market, which it believes holds immense potential for cross-border payments.
“We see even greater potential in Africa, with impressive early growth and volumes we think might surpass Latin America by early next year,” said Kirill Gertman, CEO and co-founder of Conduit. “Eric’s expertise will be instrumental in driving our expansion efforts across the continent.”
Conduit’s platform allows businesses to pay US dollars directly to bank accounts via ACH or SWIFT, even without a U.S. entity. This simplifies and reduces the costs of cross-border transactions, making it an attractive solution for businesses operating in Africa.
The African continent is experiencing a surge in cross-border payments, driven by the growth of e-commerce and remittances. With its focus on B2B transactions and the appointment of Wainaina, Conduit is well-positioned to capitalize on this opportunity.
The investment from Helios Digital Ventures will enable Conduit to expand its operations, invest in technology, and build its team in Africa. The company plans to enter new markets in the continent, including Ghana and South Africa, in the coming months.
“Africa presents a significant opportunity for cross-border payments, and we are excited to partner with Conduit as they expand their footprint in the region,” said Wale Ayeni, Managing Partner at Helios Digital Ventures. “We believe that Conduit’s innovative platform has the potential to transform the way businesses transact across borders in Africa.”