""We really want to make global payments simple for everybody and enable small businesses to reach everyone in the world," said Vivek Morzaria, co-founder of Latitude."
"Latitude's main product is what it calls Global Payouts, which allows U.S. businesses to make payments to individuals in over 50 countries."
"When an American firm sends U.S. dollars through Latitude, the startup's network converts that money into stablecoins and then converts them back into the local currency of the destination."
"The three co-founders have worked at companies like Uber, Coinbase, Meta, and Stripe, emphasizing the importance of moving money efficiently around the world."
Latitude addresses the slow and costly process of international payments by enabling businesses to use stablecoin rails. The startup raised $8 million in funding led by NEA, with participation from notable investors. Its main product, Global Payouts, allows U.S. businesses to send payments to over 50 countries by converting U.S. dollars into stablecoins and then into local currencies. Latitude also offers services for crypto-native platforms. The co-founders have extensive experience in tech and payments, and the company is currently in beta, generating revenue through transaction fees.
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