A group of former executives from Stripe, Uber Technologies (UBER), and Coinbase Global (COIN) has launched a new global payments platform called Latitude. The new company will solve problems such as slow settlement times, high costs, and complex processes that have long plagued cross-border payments. The aim of the new platform is to make transactions faster and more transparent.
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Latitude Targets Faster Global Payments with New Infrastructure
Latitude will be able to complete international payments in minutes by using stablecoin-based settlements combined with local-currency payouts. Insiders note that the company allows businesses to send payments directly to bank accounts through its affordable fees and real-time exchange rates. This removes the hidden fees and debits that businesses often experience when using other payment systems.
The new platform will also be available in 50 countries, with built-in compliance and licensing, making onboarding easier for businesses.
Experienced Founders Position Latitude for Rapid Growth
Latitude was created by professionals from three major technology firms, combining expertise in global payments, cryptocurrency, and financial systems. For instance, Cyril Matthew, a co-founder and CEO of Latitude, has direct experience solving payment challenges globally. He previously worked on payment systems at Uber, stablecoin growth at Coinbase, and global payments at Stripe.
Notably, Latitude has raised $8 million in seed funding from top investors such as NEA, Lightspeed Faction, and Coinbase Ventures. The funding will support the company’s goal of expanding its payment services for more businesses operating globally. This will help the platform better compete with established companies in the global payments industry.
Is Uber a Buy or Hold?
TipRanks consensus data shows that UBER is currently rated a Strong Buy by Wall Street analysts, with a projected upside of 47%. On the other hand, Stripe remains a private company, while crypto stocks like COIN maintain a Moderate Buy consensus with a projected upside of 49%. For investors interested in tracking their performance, ratings, and price targets, visit TipRanks Stocks Comparison Center.
