Latitude, a Texas-based global payments infrastructure company, announced Wednesday that it raised $35 million in a Series A round. Oak HC/FT, a venture and growth equity firm, led the round, with participation from NEA, Coinbase, Lightspeed Faction, and OpenFX. The Series A follows Latitude's $8 million seed round. CEO Cyril Mathew did not disclose the company's valuation in an interview with Fortune.
The company was cofounded by industry veterans Cyril Mathew, Brian Wrightson, and Vivek Morzaria, whose collective resumés include stops at Stripe, Uber, Coinbase, and Meta. Latitude gives businesses the infrastructure to use stablecoins to send local currency through familiar methods, such as bank accounts and mobile wallets. Besides neobanks, it serves payroll platforms, marketplaces, and financial firms that need to move money across borders. The company currently has a 15-person team, with shared office spaces in New York, San Francisco, and London.
The funding is intended to support hiring in compliance, engineering, legal, and sales, as well as maintaining licenses across 45 U.S. markets and pursuing direct licensing globally. Latitude aims to expand beyond the U.S. by obtaining its own regulatory licenses in Southeast Asia, Latin America, and Africa, where many stablecoin companies have yet to establish a presence. Oivind Lorentzen, a partner at Oak HC/FT, said large enterprises want to work with players that are regulated in the U.S. because it provides certainty and trust when moving money.
What remains unknown is the company's valuation and the specific timeline or regulatory path for its international expansion. The announcement also does not detail how Latitude's infrastructure will perform across different local payment rails or how it will manage compliance in markets where stablecoin regulation is still evolving.