Sling Money, which integrates stablecoin technology with fiat payment systems to facilitate instant money transfers, has successfully secured $15 million in Series A funding.
The funding round was led by Union Square Ventures, Ribbit Capital, and Slow Ventures. Previously, Sling Money raised $5 million in a seed round, also led by Ribbit Capital, with contributions from Slow Ventures.
Sling Money allows users to transfer money instantly to recipients in over 50 countries across Europe and Africa, as well as between their own accounts and to those who do not use Sling. Currently, the service is in closed beta for UK residents.
Mike Hudack, co-founder and CEO of Avian Labs, Sling Money’s parent company, stated, “We believe that money should operate online just like everything else—it should be easy to use, fast, and accessible globally. The advancements in stablecoin technology and real-time payment systems worldwide have made this possible. While this capability has existed for some time, it has often been obscured by confusing user interfaces, and our aim is to change that.”
Transactions on Sling Money utilize the Pax Dollar (USDP), a stablecoin pegged to the US dollar and issued by Paxos Trust Company. The Sling app facilitates seamless conversions between fiat currency and USDP in over 50 countries, with more countries being added continuously.
Avian Labs was established in 2022 by Mike Hudack and Simon Amor, who previously collaborated while developing Monzo Bank.