$43M Raised to Settle Stablecoins into Local Currencies Across 50 Countries

The pilot that failed

At Stripe, Cyril Mathew ran a pilot to send USDC payouts to 100-plus countries. "When we launched the product, it hardly was used," he says, because recipients in places like Vietnam, Ghana and Colombia needed local money for groceries. He says he does not have the thesis that a US dollar stablecoin will be used by everyone, so stablecoins must move in and out of local currencies.

The idea draws on his earlier work. At Uber he paid drivers across 40 countries from a Dutch entity. At Coinbase he says he felt USDC had not taken off when he left, with a market cap of a few million against Tether in the hundreds of millions.

Funding and licenses

Latitude launched in January 2025 with an $8M round led by NEA, with Lightspeed Faction, Coinbase Ventures, Paxos and Solana also backing it. Mathew says the Series A took about three to four weeks end to end and was not a revenue story yet. He says the company holds about 45 state approvals, which he calls pretty record time in a year and a half.

A network of networks

Latitude works with banks, exchanges and payment aggregators, with partners including OpenFX and DLocal, and routes each payment to whoever has the best liquidity. Customers onboard through a single API. Mathew says the fiat payouts product covers almost 20 currencies, with on and off ramps building up to 10, while traditional rates in emerging markets can reach 3% or 4%.

He says large markets such as Indonesia, Thailand, Pakistan and Bangladesh still lack that infrastructure, and plans to use an Uber launcher mentality to find forward-thinking bank partners there.