Latitude Secures $35M to Connect Stablecoins with Local Payment Rails

Latitude, a company that provides local stablecoin off-ramps, has raised $35 million in a Series A funding round led by Oak HC/FT. The funds will be used to license and connect local payment rails for stablecoin settlement.

This latest investment brings the total funding to $43 million, following an $8 million seed round earlier this year. Latitude's founders have extensive experience in the industry, with backgrounds at companies such as Coinbase, Meta, and Stripe.

'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 already obtained 39 money transmission licenses, one state registration, and five no-action letters, allowing it to operate in multiple markets.