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Canadian startup Conduit has raised $17 million in a funding round led by Portage Ventures, according to the filing. FinVC, Gemini Frontier Fund and former a16z partner Rex Salisbury also participated in the round.
Conduit is building an API, a software tool that provides easy access to new services, which it says will allow fintechs, neobanks, and traditional financial institutions to easily integrate high-yielding DeFi accounts into their existing product offerings. They say this will expand access to DeFi and facilitate mass adoption.
“We are excited to support Conduit as we believe that bringing the worlds of DeFi and fintech together is a huge opportunity,” said Stephanie Chu, partner at Portage Ventures. “The Conduit API will allow a whole new set of consumers to participate directly from the platforms they already use.”
APIs have previously been used by fintech companies and legacy banks to provide their customers with new features that range from cryptocurrency investment services to new payment methods and savings accounts. In that space, open banking API startup TrueLayer raised a $130 million round led by Tiger Global last year.
Conduit plans to use the additional funding to further develop its APIs and expand in Latin America and the US.
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