Sling Money, which combines stablecoin technology with fiat payment channels for instant money transfers, has raised $15 million in Series A funding.
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The funding was led by Union Square Ventures, Ribbit Capital and Slow Ventures.
Sling Money previously raised a $5 million seed round led by Ribbit Capital with participation from Slow Ventures.
Sling Money allows users to instantly send money to other users, between their own accounts, and to non-Sling users in over 50 countries across Europe and Africa. The service is currently available in a closed beta format for UK residents.
“We believe money should work the same way as everything else on the internet – it should be easy to use, fast and global,” says Mike Hudack, co-founder and CEO of Avian Labs, Sling Money’s parent company. “The development of stablecoins and real-time payment systems around the world is making this possible. This capability has been around for some time, but it has been hidden behind complicated, user-confusing interfaces. Our goal is to change that.”
Transfers with Sling Money are made using Pax Dollar (USDP), the U.S. dollar-backed stablecoin issued by the Paxos Trust Company. The Sling app seamlessly converts between fiat currency and USDP and vice versa in over 50 countries, with more countries being added all the time.
Avian Labs was founded in 2022 by Mike Hudack and Simon Amor, who met while building Monzo Bank.
