Sling Money secures $15m Series A to transform global payments

Sling Money, a cutting-edge financial technology application designed to revolutionise the global transfer of money, has secured $15 million in Series A funding. The investment round was spearheaded by Union Square Ventures, with significant backing from Ribbit Capital and Slow Ventures. This new funding round follows a $5 million seed investment previously led by Ribbit Capital, reflecting continued investor confidence in Sling Money’s innovative approach to global payments.

Transforming Money Transfers with Stablecoin Technology

Sling Money is making waves in the financial technology sector by integrating stablecoin technology to provide a faster, cheaper, and more user-friendly solution for international money transfers. The app utilises the Pax Dollar (USDP), a stablecoin issued by Paxos Trust Company, to facilitate near-instantaneous transactions across over 50 countries in Europe and Africa. This approach drastically reduces the time and cost traditionally associated with international money transfers.

Unlike conventional methods that often involve hefty fees and extended processing times, Sling Money enables users to transfer funds between different countries within seconds. For instance, a user can send money from Paris to Nairobi and then transfer it to Bucharest, Stockholm, or Amsterdam—all without incurring significant fees. This is a significant departure from traditional systems where transactions can take hours or even days to settle and often involve a percentage fee of the transaction amount.

How Sling Money Works

The app operates by converting fiat currency into Pax Dollar (USDP) for transactions and then converting it back to fiat when needed. This process is streamlined and integrated seamlessly into the app’s interface, allowing users to manage their transfers effortlessly. USDP, being a stablecoin pegged to the US dollar, provides a stable and secure medium for transactions, and its regulatory oversight by the New York State Department of Financial Services ensures reliability and security.

Leadership Vision and Industry Impact

Mike Hudack, co-founder and CEO of Avian Labs, the parent company of Sling Money, articulated the company’s mission: “We believe that money should work the same way everything else on the internet works – that it should be easy to use, it should be fast, and it should be global. The evolution of stablecoins and real-time payments systems around the world makes this possible. This capability has existed for a while now, but it’s been hidden behind complicated, user-confounding interfaces. Our goal is to fix that.”

Rebecca Kaden, Partner at Union Square Ventures, expressed her enthusiasm for the investment: “Sling Money represents a fundamental shift in the global payments landscape, offering a platform for effortless, instant transactions. Sling’s vision aligns perfectly with our belief that building on payments infrastructure on the blockchain can fundamentally expand access, lower cost, and open new opportunities for users. We’re thrilled to support the team as they do this.”

Team Expertise and Future Prospects

The Sling Money team boasts extensive experience in developing high-quality consumer internet products, with a background in companies such as Facebook, Spotify, Square, CashApp, and Monzo Bank. This wealth of experience equips them to navigate the complexities of the financial technology landscape and regulatory environments effectively.

As Sling Money continues to grow, its innovative approach to global payments is poised to disrupt traditional financial systems. By leveraging stablecoin and real-time payment technologies, Sling Money aims to make global transfers as seamless as sending an email, with minimal costs and immediate settlement.