Latitude, a global payments infrastructure company, raised $35 million in a Series A funding round led by venture firm Oak HC/FT. The capital will support expansion of stablecoin off-ramps to local payment rails—bank accounts and mobile wallets—in emerging markets.
NEA, Coinbase, Lightspeed Faction and OpenFX also participated. The round follows Latitude's $8 million seed.
Cofounders Cyril Mathew, Brian Wrightson and Vivek Morzaria bring experience from Stripe, Uber, Coinbase and Meta. Mathew spent a decade in Europe leading international payments at Uber before joining Stripe, where his team launched stablecoin payouts in 100 countries. Adoption remained limited—users in Vietnam and Africa wanted local currency, not stablecoins, and many hesitated to manage crypto wallets or seed phrases.
That insight became Latitude's founding premise: stablecoins have utility only if recipients can easily convert them into local currency. Mathew pitched the idea to Wrightson at Stripe in late 2024. By January 2025, the three had begun raising seed capital.
Latitude targets neobanks, payroll platforms, marketplaces and financial firms conducting cross-border transfers. "Those end users need ways to get in and out of stablecoins," Mathew said. "That neobank can try to do that in 80 countries, or they can plug into Latitude."
The company plans to secure its own regulatory licenses in Southeast Asia, Latin America and Africa—regions where few stablecoin firms have established presence. Latitude currently operates licenses across 45 jurisdictions and maintains offices in New York, San Francisco and London with a 15-person team.
Series A proceeds will fund hiring in compliance, engineering, legal and sales.
