August 14, 2024
Sling Money, an app aimed at making global money transfers instant, easy, and low-cost, has announced a $15 million Series A funding round led by Union Square Ventures, Ribbit Capital, and Slow Ventures. Sling Money leverages stablecoin technology, a user-friendly interface, and seamless integration with fiat payment systems to offer a more efficient and cost-effective way to transfer money globally.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Sling Money | $15M | August 14, 2024 | Series A | $20M | Square Ventures, Ribbit Capital, and Slow Ventures | Payments |
Mike Hudack, co-founder and CEO of Avian Labs, Sling Money’s parent company, emphasized that money should be as easy, fast, and global as other internet services. He noted that while the technology for real-time payments and stablecoins has existed, it has often been obscured by complex interfaces, which Sling Money aims to simplify.
Sling Money uses Pax Dollar (USDP), a US dollar-backed stablecoin issued by Paxos Trust Company, for its transfers. These transfers are instant and cost only a fraction of a penny, with the app converting between fiat currency and USDP in over 50 countries, with more being added continuously.
Rebecca Kaden, Partner at Union Square Ventures, highlighted that Sling Money is revolutionizing the global payments landscape by providing a platform for effortless, instant transactions. She expressed excitement about supporting Sling Money’s vision of expanding access, lowering costs, and creating new opportunities through blockchain-based payment infrastructure.
About
Sling Money is an innovative app designed to make global money transfers instant, easy, and low-cost. It leverages stablecoin technology and real-time payment systems to enable users to send money across 50+ countries seamlessly. Users can add money to their Sling Wallet from their bank account, debit card, or mobile money account, which is then converted into a US Dollar stablecoin. Transfers are performed using Pax Dollar (USDP), ensuring transactions are instant and cost only a fraction of a penny. The app also allows users to search for recipients by name and convert funds back into local currencies, making it a user-friendly solution for international money transfers.
Website: https://sling.money
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About Investor
This round was led by Union Square Ventures, Ribbit Capital, and Slow Ventures
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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