Sling Money Receives $15 Million In Latest Funding Round

Sling Money, an application that offers an instant, easy, and affordable way to transfer funds, has secured $15 million in a Series A funding round. Union Square Ventures, Slow Ventures, and Ribbit Capital led the investment round.

The mobile application previously got $5 million in seed funding. The round was also led by Ribbit Capital, with support from Slow Ventures. It merges an easy-to-use setup with stablecoin technology and links with traditional payment systems to make moving money worldwide faster and more affordable.

Sling Money Makes International Money Transfers Faster And Cheaper

The firm behind the application, Avian Labs, said users can send money from Paris to Nairobi in a matter of seconds for free. It noted that such transfers would previously cost a percentage and take hours or even days to complete.

Sling Money enables transfers of funds through Pax Dollar (USDP), a stablecoin tied to the US dollar by Paxos Trust Company. The app smoothly changes fiat money to USDP and back in more than 50 countries, with new countries being added regularly.

Mike Hudack, co-founder and Chief Executive Officer of Avian Labs said the firm believes money should work just like everything else on the internet. He added that money should be simple to use, quick, and used everywhere.

Hudack added that the growth of stablecoins and fast payment systems worldwide has made quick and easy transfers possible. This technology has been available for a while but was difficult to use because of complex designs. Avian Labs plans to fix that.

Union Square Ventures Shares Excitement After Funding Sling Money

Union Square Ventures partner, Rebecca Kaden, commented that Sling Money aims for a major change in the worldwide payment system. She noted that the application offers a platform for hassle-free, speedy transactions.

Rebecca explained that Sling’s vision is similar to what Union Square Ventures believes blockchain payments can greatly boost access. She noted that it can lower expenses and open new chances for users. She said Union Square Ventures is thrilled to back the Sling team in reaching this goal.

According to the update, Sling is currently being tried out in 50 countries across Europe and Africa. Avian Labs pointed out the blockchain explorer on Solana, which shows the USDP balance is about $350,000 with 537 holders.

Sling hopes to add more stablecoins, including ones in other G7 currencies in the future. For now, it earns money from the exchange rate between the stablecoin and regular currencies.