Latitude, a payments infrastructure firm, announced it raised $35 million in Series A funding led by Oak HC/FT, with participation from NEA, Coinbase, Lightspeed Faction, and OpenFX. The round brings total funding to $43 million.
The company provides infrastructure for converting stablecoins into local currencies through bank accounts and mobile wallets, targeting neobanks, payroll platforms, marketplaces, and cross-border financial services. Latitude currently operates with a 15-person team across New York, San Francisco, and London.
CEO and cofounder Cyril Mathew spent a decade at Uber leading international payments before joining Stripe, where his team launched stablecoin payouts across 100 countries. Adoption stalled because recipients in Vietnam, Africa, and other markets needed local currency for everyday spending, not stablecoins. Many users also avoided downloading crypto wallets.
"Those end users need ways to get in and out of stablecoins. That neobank can try to do that in 80 countries, or they can plug into Latitude," Mathew said.
Latitude cofounders also include Brian Wrightson, formerly at Stripe, and Vivek Morzaria. The company began raising its seed round in January 2025.
Series A capital will fund hiring in compliance, engineering, legal, and sales, and support regulatory licensing across 45 countries. The regulatory framework is critical for enabling compliant stablecoin-to-fiat conversion on local rails, a persistent barrier to mainstream stablecoin adoption.
