Diameter Pay raises $10M in Series A to power cross-border payments with crypto rails

Diameter Pay, the embedded payments company that quietly routes billions in cross-border transfers for banks, just landed $10 million in Series A funding. The round was co-led by CMT Digital and Lightspeed Faction, two firms with deep roots in blockchain infrastructure.

For a company that started life as a college project at MIT in 2017, the milestone marks a significant inflection point. Diameter Pay says it has processed more than $10 billion in regulated payments to date, and now it wants to add virtual currency corridors to its toolkit.

Who’s writing the checks

CMT Digital, one of the round’s co-leads, has a portfolio that includes Circle, the issuer of the USDC stablecoin.

Lightspeed Faction, the other co-lead, recently closed a $285 million inaugural fund dedicated to early-stage blockchain infrastructure.