Latitude Secures $35 Million Series A to Turn Stablecoins Into Local Payments
Payments startup Latitude raised $35 million in a Series A round to help businesses convert stablecoins into local currencies via bank accounts and mobile wallets.
Latitude, a global payments infrastructure company headquartered in Texas, closed a $35 million Series A financing round led by Oak HC/FT, with investors including NEA, Coinbase, Lightspeed Faction and OpenFX. The startup was co-founded by Cyril Mathew, Brian Wrightson and Vivek Morzaria, all of whom have backgrounds at Stripe, Uber, Coinbase and Meta. Latitude’s service enables businesses to use stablecoins for cross-border payouts that are automatically converted into local bank accounts or mobile wallets, targeting neobanks, payroll platforms and marketplaces.
The new capital will expand the team in compliance, engineering, legal and sales, and support the pursuit of regulatory licences across 45 U.S. states and in regions such as Southeast Asia, Latin America and Africa. Mathew said the goal is to give regulated players a trusted way to move money internationally, addressing the difficulty users in emerging markets face when converting stablecoins to spendable currency.
Why it matters
The funding helps a fintech to bridge the gap between stablecoins and everyday local payments, potentially expanding financial inclusion in emerging markets.
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