Sila, a blockchain banking and payments startup, has wrapped a $7.7m seed funding round co-led by Madrona Venture Group and Oregon Venture Fund.
Mucker Capital, 99 Tartans, Taavet Kinrikus, CEO & co-founder of Transferwise, and investor & entrepreneur Jerry Neumann also participated in the funding round.
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By GlobalDataThe payment startup said that it will use funds to fast-track growth and launch new product features.
Sila, which was established in 2018, is developing an application programming interface (API) platform that follows the ERC-20 token protocol.
The API is designed to help entrepreneurs to access banking tools including support for their own US dollar-pegged ‘stablecoins.’
Sila CEO and co-founder Shamir Karkal said: “Despite money being effectively digital for decades, the world of finance has still not truly been disrupted by the Internet. The global financial system isn’t controlled by PayPal or Stripe, but by 30,000 global banks that still run on outdated payment systems like ACH.
“Our mission is to unite all the payment systems in one programmable layer to spur the next phase of financial innovation.”
Following the fundraise, Madrona Venture managing director Hope Cochran, and Oregon Venture Fund lead investor Rick Holt will join the Sila board of directors.
Oregon Venture Fund general partner Matt Compton will also join as a board observer.
