SquareFi (Stablecoin Payment Infrastructure, Banking-as-a-Service)
Industry
Stablecoin Payment Infrastructure, Banking-as-a-Service
Focus
Stablecoin-Native Accounts, Cards, Crypto Processing & Global Payouts
Anton Lobintsev
Co-Founder
Key outcome SquareFi gained using Utila
Secure Stablecoin Custody as the Foundation for a Full-Stack Fintech Infrastructure Platform
SquareFi adopted Utila as its core MPC custody and compliance layer, replacing an internally built solution with specialist infrastructure that now underpins every product the company offers - from stablecoin-backed banking accounts and card issuing to crypto processing and Wallet-as-a-Service for downstream clients.
About SquareFi
Stablecoin Payment Infrastructure for Fintechs and Global Platforms
SquareFi is an international financial infrastructure platform that enables fintechs, banks, and global platforms to launch modern financial products - multi-currency accounts, cards, crypto processing, and mass payouts - via API or white-label deployment. The company positions itself as a fintech for fintechs: an infrastructure layer where stablecoin custody sits at the core, and every service is built on top of it.
The platform operates across 150+ countries with 10+ Tier-1 banking partners, supporting 20+ currencies with T-0 settlement. SquareFi's product stack spans four interconnected modules: fully supported banking accounts with standard banking details for inbound and outbound payments - where everything settles in stablecoins behind the scenes; card issuing through partners, providing an additional off-ramp channel; crypto processing services that allow clients to generate unlimited wallets for customers, invoices, or specific payment flows; and traditional acquiring with crypto settlement.
Mosta.io, SquareFi's own consumer-facing product, runs on the same infrastructure - serving as a live proof of concept for businesses and high-net-worth individuals.
The challenge SquareFi was facing
When Building Your Own Custody Model Prevents You from Scaling
SquareFi initially built its own custody solution to manage stablecoin operations across its product stack. As the platform grew and the complexity of its service offering expanded, this approach introduced escalating costs, security responsibilities, and engineering constraints.
Specialist Security Requirements
Securing stablecoin custody at scale requires deep cryptographic and cybersecurity expertise. Maintaining an in-house solution meant SquareFi carried direct responsibility for key management, disaster recovery, and threat mitigation - disciplines that demand dedicated engineering talent and constant vigilance.
Engineering Cost and Recruitment Burden
Building and maintaining custody infrastructure internally required hiring and retaining specialized cryptography engineers - a scarce and expensive talent pool. Every engineering hour spent on custody was an hour not spent building the payment products that differentiate SquareFi in the market.
Scaling Trust with Banking Clients
As SquareFi began working with customers from the traditional banking industry - institutions looking to launch crypto products while separating them from their existing TradFi operations - the question of infrastructure credibility became critical. These clients needed assurance that the custody layer securing their assets met institutional standards.
Limited Vendor Responsiveness
During the evaluation process, SquareFi assessed multiple providers. Larger, more established custody platforms operated with rigid, process-driven engagement models that lacked the flexibility and responsiveness SquareFi needed to move quickly on new product builds.
For a platform whose value proposition depends on enabling clients to launch financial products in weeks rather than months, infrastructure bottlenecks at the custody layer threatened the entire business model.
The solution we delivered for SquareFi
Specialist MPC Custody That Powers Every Product in the Stack
After evaluating the market - including a direct comparison with larger established providers - SquareFi chose Utila as its MPC infrastructure partner for custody and transaction management, fully replacing its in-house solution.
Core Custody and Compliance Layer
Utila serves as SquareFi's foundational custody platform. All stablecoin operations across every product - accounts, cards, crypto processing, payouts - run through Utila's MPC wallet infrastructure. AML screening and transaction monitoring are integrated directly into the custody layer, ensuring compliance is embedded and automated.
Security Without the Engineering Overhead
By partnering with Utila - a specialist team focused on building secure, institutional-grade custody - SquareFi eliminated the cost, risk, and recruitment burden of maintaining an in-house solution. As Lobintsev explains:
"Utila is a specialist on building security solutions - experts on building a protected solution for digital assets. It's easier, safer, and cheaper than building on our own. By using Utila, we effectively outsourced the significant responsibility and the cost of finding engineers who can do this at the right level."
Speed to Market on New Products
Utila's responsiveness has become a direct enabler of SquareFi's product velocity. When SquareFi decided to build its crypto processing service - a product that generates unlimited wallets for client use cases - the entire solution was shaped in a single conversation with Utila's customer success team. As Lobintsev describes it:
"We tried to build it for a year. Then, one conversation with our Customer Success Manager - and we had a solution almost right away."
Institutional Credibility for Banking Clients
Then SquareFi works with clients from the banking industry - traditional financial institutions launching crypto products that need to be ring-fenced from their existing operations - Utila's name and reputation serve as a trust signal. When these clients ask who provides the custody infrastructure and SquareFi says Utila, "they know the solution is reliable." Self-custody options backed by a recognized MPC infrastructure provider give banking clients the confidence to proceed.
Wallet-as-a-Service for Downstream Clients
SquareFi resells Utila's infrastructure through its Banking-as-a-Service offering. When clients need a separate custody environment - for example, a dedicated vault for an OTC desk - SquareFi sets it up through Utila and provides complete operational support. This turns Utila's infrastructure into a recurring revenue layer for SquareFi's business.
Utila Link and the Network Effect
Beyond custody, Utila Link represents something SquareFi values at a strategic level: a shared network that generates introductions and business relationships. As Lobintsev puts it:
"Utila Link is a good representation of Utila's culture as a whole. You're sharing a network, you're helping build relationships."
This ecosystem dimension is something SquareFi found absent in larger, more transactional vendor relationships.
High impact results SquareFi experienced
Secure Wallet Infrastructure as a Business Growth Engine
Since fully transitioning to Utila, SquareFi has transformed its operational foundation and accelerated its ability to serve downstream clients across the financial services spectrum.
Complete Custody Migration
SquareFi fully replaced its in-house custody solution with Utila's MPC infrastructure, eliminating the engineering burden and security responsibility of maintaining a proprietary system.
Accelerated Product Development
Products that had been in development for months were resolved through direct collaboration with Utila's team - turning infrastructure constraints into deployment-ready solutions.
Expanded Addressable Market
Utila's institutional credibility enables SquareFi to serve banking clients and traditional financial institutions that require recognized, specialist custody infrastructure as a prerequisite for engagement.
Sticky Infrastructure for Client Retention
By embedding Utila's custody across every product - accounts, cards, processing, BaaS - SquareFi creates deep infrastructure dependency that strengthens client retention. As Lobintsev describes the dynamic:
"Thanks to Utila, we always have a solution to cover our customers’ needs. They stick with us - that’s why I call it a sticky infrastructure. It's a business growth engine."
Revenue Generation Through WaaS
SquareFi monetizes Utila's infrastructure directly by reselling custody services through its BaaS offering - setting up dedicated vaults, OTC desk environments, and custom configurations for clients who need standalone solutions.
Partnership-Driven Growth
Utila Link and the broader Utila network have provided SquareFi with counterparty introductions and business development opportunities that extend beyond a standard vendor-client relationship.
"We have a ready-made infrastructure that gives us the option to move really fast. Utila is a specialist on building security solutions - experts on building a protected solution for crypto, with a lot of renowned names behind it. It's easier, safer, and cheaper than building on our own. And the relationship goes beyond custody - they're helping us grow."
— Anton Lobintsev, Co-Founder, SquareFi
Customer Stories
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