According to TechFlow news on March 31, reported by Fortune, cross-border payment startup Latitude announced it has completed a $8 million financing round, 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 Stripe, Coinbase, Uber, and Meta employees Cyril Mathew, Vivek Morzaria, and Brian Wrightson. Its core product "Global Payouts" supports US businesses in making payments to individuals in over 50 countries worldwide—US dollars are converted to local currency at the destination via stablecoin rails, shielding users from the underlying complexities. The podcast platform Zencastr has settled payments to content creators in India and other locations through this network as a client.

Latitude's second product is aimed at crypto-native applications, allowing international users from places like Mexico and the Philippines to exchange local currencies for stablecoins through its infrastructure, to access platforms like prediction markets. The company is currently in the beta stage, generating revenue through transaction fees, and has 11 employees. Latitude views traditional banks and traditional foreign exchange settlement institutions like SWIFT as its main competitors.