Latitude raised a $35 million Series A led by Oak HC/FT to connect stablecoin settlement to local payment rails, the company said Wednesday. NEA, Coinbase Ventures, Lightspeed Faction and OpenFX also took part.
The money goes into licences and local payout connections, the leg of a stablecoin payment that still runs through banks and domestic schemes. Latitude holds the permissions itself rather than renting them, which is what its customers are buying.
The round follows an $8 million seed earlier this year and brings total funding to $43 million. Latitude was founded by Cyril Mathew, Brian Wrightson and Vivek Morzaria, who previously held roles at Stripe, Coinbase, Meta, Uber and Zero Hash.
"You shouldn't need to understand stablecoins to use them," said Cyril Mathew, co-founder and CEO of Latitude. "We built Latitude so a business can move money in and out of any market and have it just work."
Latitude has 39 money transmission licences, one state registration and five no-action letters, with Latitude Payments Inc. registered with FinCEN as a money services business, according to its site. A SOC 2 Type I audit is complete and Type II is targeted for the fourth quarter.
