Latitude Raises $35M to Simplify Stablecoin Conversions

Latitude, a global payments infrastructure company, has secured $35 million in Series A funding to simplify cross-border money movement. The round was led by Oak HC/FT and included participation from NEA, Coinbase Ventures, Lightspeed Faction, OpenFX, and Wilson Sonsini. This brings the total funding for Latitude to $43 million.

The company aims to address a significant pain point in the use of stablecoins, getting in and out via on-and-off ramps. Stablecoins are often the fastest way to move money globally, but the process of converting them into local currencies is slow and expensive. Latitude wants to change this by providing businesses with a simple way to move between local currency and stablecoins.

Cyril Mathew, co-founder and CEO of Latitude, believes that moving money should be as simple as sending a message. He stated, 'You shouldn't need to understand stablecoins to use them. We built Latitude so a business can move money in and out of any market and have it just work.'

The company owns the licenses and takes on the compliance and regulatory work, allowing customers to focus on their products rather than the underlying infrastructure.