Squads, a financial technology company building business finance on stablecoin infrastructure, has closed an $18m strategic funding round, bringing its total capital raised to $42.9m.
The raise was led by Solana Ventures, with Coinbase Ventures, Haun Ventures, L1D, Collab+Currency, Electric Capital, Placeholder, Jump Crypto, and Robot Ventures all contributing. The capital will be used to accelerate Altitude, Squads’ financial operating system built on stablecoin infrastructure, through team growth, payment network expansion, and product development.
Altitude launched publicly in December 2025 and has since processed more than $200m in payments across a client base that spans exporters, global agencies, crypto-native companies, and cross-border remote teams. The platform does not hold customer funds; instead, treasury is held in stablecoins and settles on stablecoin rails instantly, around the clock, at low cost. Where transactions need to reach traditional banking infrastructure, they pass through a network of licensed stablecoin payment service providers (PSPs), including Bridge, MoonPay, Infinite, and Due.
Altitude has also developed a proprietary compliance engine that applies sanctions screening, anti-money laundering checks, transaction monitoring, and know-your-business verification to every account. On the security side, Squads Protocol — which underpins the platform’s asset custody and money movement — currently secures more than $10bn in value. Each business account also features programmable controls, granular permissions, and configurable multifactor authentication, with all transactions recorded and settled on Solana.
Squads has spent the past four years developing security infrastructure that is now foundational to much of the Solana ecosystem. The company points to broader market movements as validation of the stablecoin opportunity in business finance — notably Stripe’s $1.1bn acquisition of Bridge and Mastercard’s $1.8bn acquisition of BVNK — arguing that licensed stablecoin PSPs have emerged as the missing piece needed to build a full-stack financial operations platform on stablecoin rails.
Squads CEO Stepan Simkin said, “This raise backs a simple idea: businesses are better off running on stablecoins than on legacy banking infrastructure. Solana is now mature enough to carry global business finance, regulators have built the frameworks to support it, and for the first time you can build a full financial platform on a genuinely new system.”
Matthew Beck, head of Solana Ventures, said, “The Squads team spent the last four years building the security infrastructure that most of the Solana ecosystem runs on. Stablecoins and programmable blockchains are changing how global finance works. This is the team with the technical depth and the vision to build the financial platform that sits on top of that shift. We believe Altitude will be how the next generation of global businesses runs their financial operations.”
Jupiter chief operating officer Kash Dhanda said, “As we scaled, treasury and payments turned into an operational headache. Complexity and fees kept compounding. Altitude removed both.”
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