Stablecoins have made it exceptionally easy to move money across borders instantaneously. The problem that remains for users, especially those in emerging markets, is getting those funds to their preferred local payment methods. Texas-based global payments infrastructure company Latitude aims to change this by giving businesses the infrastructure to use stablecoins to send local currency through familiar methods, such as bank accounts and mobile wallets.
Cofounded by industry veterans Cyril Mathew, Brian Wrightson, and Vivek Morzaria—their collective resumés include stops at well-known names like Stripe, Uber, Coinbase and Meta—Latitude announced Wednesday that it raised $35 million in a Series A round. Oak HC/FT, a venture and growth equity firm, led the round, with participation from NEA, Coinbase, Lightspeed Faction, and OpenFX. The Series A follows Latitude’s $8 million seed round. Mathew, the startup’s CEO, did not disclose the company’s valuation in an interview with Fortune.
“There’s a number of neobanks that are trying to build financial services apps for users across the world. Those end users need ways to get in and out of stablecoins. That neobank can try to do that in 80 countries, or they can plug into Latitude,” Mathew said.
