The problem
Businesses moving money into Latin America, Africa and Asia face slow, costly, opaque wires and correspondent banks
What they do
One API for cross-border payouts, pay-ins and USD accounts on stablecoin and fiat rails
Traction $10B+ annualized payment volume (16x in 2024); 5,000+ merchants, 100+ fintech platforms
Hiring trend
- Open roles
- 1
- Ops roles
- 1
- Headcount
- ~60
Shrinking: layoffs and office closures after Sep 2025 Tether freeze; ~57-62 staff, flat to -25% YoY (est.); 1 open role
Funding
- Last round
- $36M
- Stage
- Series A
- Date
- May 2025
Led by Dragonfly, Altos Ventures
- Hiring+0.51 open role on the live job board (1–2 roles = +0.5)
- Funding recency+0.5Series A · $36M, May 2025 (17 months ago): 12–24 months = +0.5
- Traction+0.75Some growth: $10B+ annualized payment volume (16x in 2024); 5,000+ merchants, 100+ fintech platforms
- Red flags−11 significant flag in the last 24 months, −1 eachLayoffs and office closures: Conduit's Oct 2026 lawsuit says Tether's Sep 2025 freeze of its $2.76M treasury wallet (its working capital) cut volume and forced layoffs; funds still frozen. Headcount flat to down since the Series A.Unchained: Tether froze $2.76M, forcing Conduit layoffs (Oct 2026) ↗ · CourtListener: Conduit Technology v. Tether complaint, SDNY (Oct 5, 2026) ↗ · Dealroom: Conduit sues Tether; freeze forced layoffs and office closures ↗ · LinkedIn company data: 57 employees, -25% YoY ↗
- Total0.750.5 + 0.5 + 0.75 − 1 = 0.75 → Cool-down
Cool-down rule: score under 1.5 and headcount is shrinking or there were layoffs.
Distance (10K) is a separate read on how long the lead can last. It doesn't change the score.
Distance
10K · edge: hard to leave
Real adoption ($10B+ volume, 100+ embedded platforms, ~30 bank partners) but a follower in a crowded race where Stripe (Bridge), Mastercard (BVNK) and Circle now sell the same orchestration; the Tether freeze showed heavy exposure to issuer platform risk.
Sources: Business Wire: Conduit $36M Series A, volume up 16x in 2024 (May 2025) ↗ · bex.co: Stablecoin orchestration race, Conduit vs Circle, Stripe, Mastercard (Apr 2026) ↗ · Unchained: Tether freeze and layoffs (Oct 2026) ↗
Watch-outs
Layoffs and office closures: Conduit's Oct 2026 lawsuit says Tether's Sep 2025 freeze of its $2.76M treasury wallet (its working capital) cut volume and forced layoffs; funds still frozen. Headcount flat to down since the Series A.
Sources: Unchained: Tether froze $2.76M, forcing Conduit layoffs (Oct 2026) ↗ · CourtListener: Conduit Technology v. Tether complaint, SDNY (Oct 5, 2026) ↗ · Dealroom: Conduit sues Tether; freeze forced layoffs and office closures ↗ · LinkedIn company data: 57 employees, -25% YoY ↗
Open ops roles · 1
Last checked Oct 25, 2026