Sling Money, an app designed to make the global transfer of money instant, easy and low-cost, has announced a $15m Series A round led by Union Square Ventures, Ribbit Capital and Slow Ventures.
Sling Money previously raised a $5m seed round led by Ribbit Capital with participation from Slow Ventures. Sling Money combines stablecoin technology with a user-friendly interface and integration with fiat payment systems to enable a faster and cheaper way of moving money globally.
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With Sling Money, users can send money instantly across 50+ countries across Europe and Africa to other users
A user can transfer money from Paris to Nairobi in seconds, then on to Bucharest, Stockholm, and Amsterdam, for free. Each transaction takes only seconds. Traditionally, transfers like these cost the sender a percentage of each transaction and are settled over hours or even multiple days. With Sling Money, transfers happen instantly and there are little or no fees.
Mike Hudack, co-founder and CEO of Avian Labs, Sling Money’s parent company, said: “We believe that money should work the same way everything else on the internet works – that it should be easy to use, it should be fast, and it should be global. The evolution of stablecoins and real-time payments systems around the world makes this possible. This capability has existed for a while now, but it’s been hidden behind complicated, user-confounding interfaces. Our goal is to fix that.”
Rebecca Kaden, Partner at Union Square Ventures, commented: “Sling Money represents a fundamental shift in the global payments landscape, offering a platform for effortless, instant transactions. Sling’s vision aligns perfectly with our belief that building on payments infrastructure on the blockchain can fundamentally expand access, lower cost, and open new opportunities for users. We’re thrilled to support the team as they do this.”
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