Latitude has developed a single API that manages the entire conversion process. Businesses can send stablecoins through the platform, which then distributes funds in local currencies via mobile wallets and bank accounts. This allows recipients to receive payments without needing to manage blockchain assets or crypto wallets.
The company is led by CEO Cyril Mathew, who previously worked at Uber and Stripe. Co-founders Brian Wrightson and Vivek Morzaria, along with the rest of the founding team, have professional backgrounds at Meta and Coinbase.
Currently, Latitude operates in 45 US markets with a team of 15 people based in New York, San Francisco, and London. The startup intends to use the new funding to expand its hiring in the legal, sales, engineering, and compliance departments.
The company also plans to obtain global licenses to enter markets in Africa, Latin America, and Southeast Asia. Latitude positions itself as infrastructure for other businesses, such as remittance services, payroll companies, and marketplace platforms, rather than as a consumer-facing product.
