Squads Raises $18M in Funding Led by Solana Ventures

The company plans to use the funds to grow its operations and continue developing its products.

Stablecoins are changing how business finance works. For years, companies had to rely on banks to hold funds and process payments, which meant navigating bank partnerships, approvals, and compliance in every new market. Blockchains have changed this foundation, and stablecoins have made money more like software, allowing payments and treasury operations to move beyond traditional banking systems.

This shift has created a new group of licensed payment service providers (PSPs) that move money across both stablecoins and traditional banking systems. The market is moving fast with major deals such as Stripes $1.1 billion acquisition of Bridge and Mastercards $1.8 billion acquisition of BVNK. These PSPs help complete the infrastructure needed for full financial operations on stablecoin rails.

Altitude is built on this change. It does not hold customer funds directly. Instead, it uses stablecoins for its treasury, enabling instant, 24/7, low cost transfers. When needed money moves into traditional banking systems through licensed stablecoin PSP partners.

On security Altitude applies protection across every layer of its system. Business accounts include programmable controls, detailed permissions, and multi factor authentication. At the infrastructure level, Squads Protocol handles custody and transfers, securing over $10 billion in assets, while at the settlement layer, all transactions are recorded and settled on Solana.

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"This raises 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," said Stepan Simkin, CEO of Squads.

"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," said Matthew Beck, Head of Solana Ventures.

"As we scaled, treasury and payments turned into an operational headache. Complexity and fees kept compounding. Altitude removed both," said Kash Dhanda, COO, Jupiter.

About Squads

Founded in 2021 by Stepan Simkin, Squads is a financial infrastructure company built on Solana. It offers two main products: Squads Multisig, a smart account system securing over $10 billion in assets across the ecosystem, and Altitude, a financial operating system that provides businesses with multi-currency accounts, corporate cards, global payments, yield on balances, and tools to manage finance operations in one place.

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