This infrastructure is currently serving FinTechs and global platforms, and it has reached $250 million in transaction volume, the company said in a Tuesday press release.
“In our conversations with businesses, the same challenge kept coming up: they couldn’t easily connect money, stablecoins and payments, and ensure compliance,” SquareFi CEO and Co-founder Denis Spasibo said in the release. “We built the infrastructure to make all of these systems work together, and the growth we’ve witnessed proves that this gap is real and urgent.”
SquareFi’s infrastructure layer brings together business accounts with named IBANs, physical and virtual card issuing, integrated crypto wallets and fiat/crypto conversion, according to the release. It connects with major global payment rails and local rails so that businesses can move capital globally without switching providers, per the release.
The infrastructure layer uses stablecoins as the internal settlement rail to reduce cross-border transaction costs, and it supports complex B2B use cases such as multi-party settlements, cross-border payroll, crypto-fiat flows and programmatic money movement, according to the release.
FinTechs and global platforms can deploy SquareFi to launch financial products without rebuilding their stack for each market, per the release.
This solution solves the challenges businesses face when money, crypto assets, bank accounts, cards, payment rails and compliance function are separate systems, according to the release.
“We’ve spent the last year building the new infrastructure that solves this fragmentation,” SquareFi Co-founder and Chief Product Officer Anton Lobintsev said in the release.
PYMNTS reported in September that stablecoins are emerging as a foundational payment layer for B2B transactions.
One kind of B2B flow proving ripe for transformation with stablecoins is B2B cross-border flows involving multiple intermediaries. Currently, money can take a circuitous journey across correspondent banks and clearing networks.
Stablecoin payment platform KAST said Monday (March 9) that it raised $80 million in new funding for its product designed to ease cross-border money movement for people and businesses.
KAST said in a press release that “moving money across borders still takes too much time, costs too much, and includes too many steps for too many people. The demand for better infrastructure is growing, and it is growing fast.”
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