Sila secures USD 7.7 mln in seed funding round

Monday 13 April 2020 15:07 CET | News

Sila, a banking and payments API platform for software teams, has announced the closing of a USD 7.7 million seed funding round. 

The round is co-led by VC firms Madrona Venture Group and Oregon Venture Fund, with support from Mucker Capital, 99 Tartans, Taavet Kinrikus, CEO and co-founder of Transferwise, and Jerry Neumann.

According to the official press release, the funds will be used to accelerate growth and introduce new product features to provide software developers with access to the global financial system.

Sila launched its Infrastructure-as-a-Service (IaaS) platform in April 2019 to help companies leverage financial networks to build businesses. Its platform reduces the cost and time of going to market via its payments platform that lets applications move money in a regulatory compliant manner.

The API includes a built-in stablecoin for operational purposes – SILA – which is an ERC-20 token with fully insured funds held by an FDIC member bank.

More: Link

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Keywords: Sila, banking, payments , API, software, VC, Madrona Venture Group, Oregon Venture Fund, Mucker Capital, 99 Tartans, TransferWise, IaaS, stablecoin, Token
Categories: Payments & Commerce
Countries: World
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