Squads has secured $18 million in a strategic funding round led by Solana Ventures, with participation from Coinbase Ventures, Haun Ventures, L1D, Collab+Currency, Electric Capital, Placeholder, Jump Crypto, and Robot Ventures.
Founded in 2021 by Stepan Simkin, Deni Ershtukaev, and Sean Ganser, Squads builds stablecoin-focused financial infrastructure on the Solana blockchain.
The company currently offers three core products:
- Squad Multisig, a multi-signature solution for Solana teams
- Altitude, a stablecoin-powered multi-currency business account platform
- Fuse, a personal finance app for stablecoins and tokenized assets
The latest investment brings Squads’ total funding to $42.9 million and follows a $10 million Series A round completed in June 2024.
According to the company, the new capital will primarily support the growth of Altitude, which launched in December and has already processed more than $200 million in payments.
“With $18 million in new funding, Altitude is growing its team, expanding its payment network, and accelerating product development,” the company said in a statement.
Commenting on the raise, 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 support global business finance, regulators have created frameworks to support it, and for the first time it’s possible to build a full financial platform on an entirely new system.”
