Latitude Scores $35 Million for Stablecoin Payment Infrastructure

Latitude, a company that helps businesses use stablecoins to settle payments, has raised $35 million in Series A funding. The round was led by Oak HC/FT and saw participation from NEA, Coinbase Ventures, Lightspeed Faction, and OpenFX. This brings Latitude's total funding to $43 million.

The money will be used to secure licenses and connect stablecoin settlement to local payment rails, which are still largely controlled by banks and domestic schemes. Latitude has already obtained 39 money transmission licenses, one state registration, and five no-action letters, allowing it to operate in various markets.

The company 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. 'We built Latitude so a business can move money in and out of any market and have it just work.'

This funding round follows an $8 million seed investment earlier this year. Others are also trying to buy their way into the same layer, such as Circle's acquisition of Tazapay for $400 million.