Stablecoin cross-border payment firm Latitude closes $8M funding round led by NEA.

According to Fortune, cross-border payments startup Latitude announced it has raised $8 million in funding, led by NEA, with participation from Lightspeed Faction, Coinbase, Paxos, and the Solana Foundation; the company’s valuation was not disclosed. Latitude was co-founded by former employees of Stripe, Coinbase, Uber, and Meta—Cyril Mathew, Vivek Morzaria, and Brian Wrightson. Its core product, “Global Payouts,” enables U.S. businesses to pay individuals in over 50 countries worldwide. Payments are processed in U.S. dollars, converted via a stablecoin rail, and delivered in the recipient’s local currency—all while abstracting the underlying complexity from users. The podcasting platform Zencastr is already using this network to settle payments with content creators in India and other regions. Latitude’s second product targets crypto-native applications, allowing international users in countries such as Mexico and the Philippines to convert their local currencies into stablecoins via its infrastructure to access platforms like prediction markets. The company is currently in beta and generates revenue through transaction fees; it currently employs 11 people. Latitude views traditional banks and legacy foreign exchange clearing systems like SWIFT as its primary competitors.