Latitude raises $35 million to build local stablecoin payment rails
What happened
Latitude announced a $35 million Series A funding round led by Oak HC/FT. The money will be used to link stablecoin settlements with local payment systems in many countries.
Key numbers
- Series A raised $35 million.
- Total funding now $43 million after an earlier $8 million seed.
- Company holds 39 money‑transmission licences, one state registration and five no‑action letters.
- Live payout markets include Argentina, Brazil, Colombia, Mexico, the Philippines, India and most of Europe.
Regulatory foundation
Latitude owns the licences it needs instead of renting them. The company is registered with FinCEN as a money services business and has completed a SOC 2 Type I audit, with a Type II audit planned for the fourth quarter.
Industry context
Other firms are also building the “last mile” of stablecoin payments. Circle is buying Tazapay for $400 million, Privy launched fiat on‑ramps with Stripe, and Deel expanded its DLUSD wallet to over 80 countries.
What is confirmed
- Funding round led by Oak HC/FT with participation from NEA, Coinbase Ventures, Lightspeed Faction and OpenFX.
- Founders are Cyril Mathew, Brian Wrightson and Vivek Morzaria.
- Latitude’s goal is to let businesses move money across markets without needing to understand stablecoins.
Why it matters
By holding the required licences, Latitude can offer businesses a ready‑to‑use bridge between blockchain‑based stablecoins (digital tokens pegged to a fiat currency) and local bank networks, potentially simplifying cross‑border payments.
