# Squads

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/squads

- Industry: Financial Services
- Headquarters: Road Town, British Virgin Islands
- Website: www.squads.xyz/
- Total disclosed funding: $12M
- Latest round: Series A (Jun 10, 2024)
- Investors on record: 13

## About

Established in 2021, based in Tortola, British Virgin Islands, Selimor Investments Limited d.b.a., Squads founded by Stepan Simkin, Deni Ershtukaev, and Sean Ganser. Squads operates as a financial technology company offering products and APIs for the stablecoin economy, including multisignature wallets, business accounts, and payment infrastructure. The company focuses on enabling secure, programmable financial services for businesses, developers, and individuals using blockchain technology. The company develops tools to help organizations manage digital assets and decentralized operations securely. The company was co-founded by Stepan Simkin. In December 2025, Squads raised USD 18 million in venture funding led by Solana Ventures, with participation from Haun Ventures, Robot Ventures, Jump Crypto, Coinbase Ventures, Collab+Currency Management, Electric Capital, L1D, and Placeholder. The firm develops and offers smart contract wallets and a library of protocols built on the Solana blockchain for developers and individuals that enables users to manage their treasuries, programs, tokens and validators. The firm’s product line includes Squads for teams and developers and Fuse for secure individuals.The company generates revenue through its fintech infrastructure products, including API services for payments, accounts, and financial operations, as well as enterprise solutions for digital asset management. It also monetizes through usage of its platforms such as multisig wallets, business financial tools, and developer integrations. The company will use the December 2025 funding to scale Altitude, a platform that enables businesses to manage financial operations using stablecoins as an alternative to traditional banking systems.

## Funding rounds

- Series A, Jun 10, 2024, $10M — Rockaway, Placeholder, Electric Capital, Coinbase Ventures, L1D
- Seed, Oct 28, 2021, $1.5M — Reciprocal Ventures, Republic Capital, Collab+Currency Management, Solana Capital, Volt Capital, 6th Man Ventures, 8186 Capital, Chaotic Capital

## Investors

- Reciprocal Ventures (https://capitalatlas.ai/funds/reciprocal-ventures) — Seed
- Republic Capital (https://capitalatlas.ai/funds/republic-capital) — Seed
- Collab+Currency Management (https://capitalatlas.ai/funds/collab-currency-management) — Seed
- Solana Capital — Seed
- Volt Capital (https://capitalatlas.ai/funds/volt-capital) — Seed
- 6th Man Ventures (https://capitalatlas.ai/funds/6th-man-ventures) — Seed
- 8186 Capital — Seed
- Chaotic Capital (https://capitalatlas.ai/funds/chaotic-capital) — Seed
- Rockaway (https://capitalatlas.ai/funds/rockaway) — Series A
- Placeholder (https://capitalatlas.ai/funds/placeholder) — Series A
- Electric Capital (https://capitalatlas.ai/funds/electric-capital) — Series A
- Coinbase Ventures (https://capitalatlas.ai/funds/coinbase-ventures) — Series A
- L1D (https://capitalatlas.ai/funds/l1d) — Series A