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Latitude raises $35 million to build stablecoin off-ramps
The Series A brings Latitude’s total funding to $43 million as it uses the capital to obtain licenses and link stablecoin settlement to local bank and payout networks.
Latitude raised a $35 million Series A led by Oak HC/FT to connect stablecoin settlement to local payment rails, the company said. The round also included NEA, Coinbase Ventures, Lightspeed Faction, and OpenFX, following an $8 million seed earlier this year.
The funding is intended to support regulatory licenses and local payout connections, the leg of stablecoin payments that still routes through banks and domestic payment schemes. Latitude said it holds permissions itself rather than renting them, which customers are effectively purchasing, and it positions the setup as enabling businesses to move money in and out of markets without needing to understand stablecoins.
Latitude’s compliance footprint includes 39 money transmission licenses, one state registration, and five no-action letters, according to its site. Latitude Payments Inc. is registered with FinCEN as a money services business, a SOC 2 Type I audit is complete, and Type II is targeted for the fourth quarter.
The company also lists live payout markets including Argentina, Brazil, Colombia, Mexico, the Philippines, India, and most European countries, with additional locations in beta such as Chile, Ecuador, Peru, Uruguay, Thailand, Vietnam, and several African countries, according to The Defiant. Oak HC/FT partner Oivind Lorentzen said the firm has focused on building regulatory foundation and local connectivity required to operate at scale.