Latitude Secures $35 Million to Enhance Stablecoin Payments

Latitude, a Texas-based global payments infrastructure company, has raised $35 million in a Series A funding round to facilitate the conversion of stablecoins into local currencies. The company, co-founded by veterans from Stripe, Uber, and Coinbase, aims to provide businesses with the necessary infrastructure to enable seamless transactions through familiar payment methods such as bank accounts and mobile wallets. The funding round was led by Oak HC/FT, with participation from NEA, Coinbase, Lightspeed Faction, and OpenFX, following an earlier $8 million seed round.

The startup addresses a significant challenge faced by users in emerging markets, where converting stablecoins into usable local currency remains complex. Latitude's CEO, Cyril Mathew, emphasized the need for businesses, including neobanks and payroll platforms, to offer users easy access to local payment methods. The company plans to expand its operations beyond the United States by obtaining regulatory licenses in Southeast Asia, Latin America, and Africa, regions where stablecoin adoption is still developing.

Mathew's interest in cross-border payments was sparked during his tenure at Uber, where he encountered individuals struggling with costly remittance methods. His experience at Stripe, where he launched stablecoin payouts in 100 countries, highlighted the necessity for users to convert stablecoins into local currency easily. Latitude's 15-person team is currently based in shared office spaces across New York, San Francisco, and London, and plans to use the new funding to enhance its compliance, engineering, legal, and sales capabilities.

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Source: KLEA News