The round was led by Union Square Ventures, Ribbit Capital, and Slow Ventures. Prior to this, Sling Money had secured USD 5 million in seed funding, also led by Ribbit Capital with contributions from Slow Ventures. Sling Money uses stablecoin technology to facilitate quick and cost-effective money transfers. The app is designed to integrate smoothly with fiat payment systems, offering users a method to transfer funds instantly and at minimal cost. Users can send money to over 50 countries across Europe and Africa, either to other Sling users, their own accounts, or even non-Sling users through a Sling Link.
The app operates using Pax Dollar (USDP), a stablecoin backed by the US dollar and issued by Paxos Trust Company. USDP transactions are regulated by the New York State Department of Financial Services, ensuring stringent oversight. Sling Money’s use of USDP allows for instant transactions at minimal cost, with automatic conversion between fiat currency and USDP in over 50 countries.
Officials from Avian Labs, the parent company of Sling Money explained the company’s philosophy and its priority to make money as accessible and efficient as digital services. In essence, Sling Money’s declared objective to simplify user experiences that have traditionally been complex.
In turn, representatives from Union Square Ventures commented on the investment, noting that Sling Money's approach represents a significant change in the global payments industry. They highlighted that building payment infrastructure on the blockchain could broaden access, reduce costs, and create new opportunities for users.
Sling Money's team has experience in developing consumer internet products within regulated environments, having worked with companies such as Facebook, Spotify, Square, CashApp, and Monzo Bank. The app is currently available for download on iOS and Google Play in regions where Sling operates, although there is a waitlist for new users.
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