Diameter Pay, a stablecoin payments infrastructure startup focused on expanding global access to USD, has raised a $10 million Series A co-led by CMT Digital and Lightspeed Faction. The equity round will support expanded banking, payments and stablecoin rails.
Diameter Pay, a stablecoin payments infrastructure startup focused on cross-border U.S. dollar access, has raised $10 million in a Series A round co-led by CMT Digital and Lightspeed Faction, The Block reported. The equity round, which began in April and closed in July, is the company’s first external funding after being bootstrapped since launch. Founder and CEO David Lighton declined to disclose the post-money valuation.
Other investors in the round include SixThirty Ventures, Stellar Development Foundation, Tech Council Ventures, Onigiri Capital and BitRock Capital. As part of the financing, CMT Digital took a board seat, while Lightspeed Faction and SixThirty Ventures received board observer seats, according to Lighton. Former Fidelity Investments president Robert Pozen serves as a senior advisor to the board.
Founded in 2023, Diameter Pay provides payment infrastructure for banks, fintechs and digital asset exchanges. Through U.S. banking partners, its platform offers clients USD virtual accounts, domestic and cross-border payments, stablecoin on- and off-ramps and integrated compliance controls. The company started payment processing for foreign banks in 2024.
Lighton said Diameter Pay’s virtual accounts allow foreign fintechs to offer USD accounts to their end customers while the startup handles compliance and payment controls behind the scenes. These accounts can be linked to stablecoin infrastructure to move funds on-chain. Sponsor banking partners include Portage Bank and SSB Bank, with a third undisclosed publicly listed bank, and more partners in onboarding.
Diameter Pay said it has processed more than $10 billion in payment volume year-to-date. Its clients include what Lighton described as some of the largest privately owned fintech companies globally and various banks in financial hubs such as Switzerland and Singapore, though he did not name specific firms. The company reported more than 10,000 end users live on its platform.
The startup is registered as a money services business and as a money transmitter in New Jersey, according to Lighton. It generates revenue by charging payment fees and selling directly to financial institutions that onboard their customers onto its infrastructure. The firm has a 20-person team with a core presence in the U.S. and additional teams in Argentina, Poland and Nigeria, and is hiring a chief technology officer and chief commercial officer.
Diameter Pay said it will use the Series A capital to expand its banking and payment capabilities, deepen its stablecoin and FX infrastructure and continue investing in technology and compliance tooling for cross-border USD movement. The company positions its model as addressing reduced correspondent banking coverage in higher-risk markets, which it says has made access to the dollar more difficult for legitimate businesses.
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