Sling Money, a fintech company with operations in the US and Netherlands, has secured €13.6 million ($15 million) in a Series A funding round. This round was led by Union Square Ventures, Ribbit Capital, and Slow Ventures. The company aims to simplify and speed up global money transfers using its crypto-enabled platform, offering low-cost transactions across more than 50 countries in Europe and Africa.
Earlier reports indicated that Sling Money’s instant transfer capability marked a significant improvement over traditional systems, which often took hours or days to complete transactions. Past announcements emphasized the company’s unique ability to convert fiat currency to USDP in numerous countries, showcasing its broad reach and potential for growth. These aspects continue to set Sling Money apart from other fintech solutions, which still grapple with inefficiencies and higher costs.
Sling Money’s Instant Transfers
Sling Money allows users to send and receive money instantly, either to other Sling users or non-users via a Sling Link. This enables quick transfers from one country to another, such as from Paris to Nairobi, and even to cities like Bucharest, Stockholm, and Amsterdam, without any transaction fees. The application supports seamless conversions between fiat currencies and USDP.
Avian Labs, the parent company of Sling Money, is based in Delaware but also has a significant presence in Amsterdam. Founded by Mike Hudack and Simon Amor, the company brings extensive experience from high-profile tech firms like Facebook, Spotify, and Monzo Bank. This experienced team aims to provide a fast, user-friendly money transfer solution built on stablecoin technology.
Team’s Extensive Experience
The team behind Sling Money has a track record of developing high-quality consumer internet products. Their collective experience spans regulated environments and includes roles at major companies. This expertise has allowed them to create a user-friendly interface that integrates seamlessly with fiat payment systems, making global money transfers more efficient and cost-effective.
Sling Money operates with a crypto services license from the Dutch Central Bank, granted to its sister company, Avian Labs Netherlands BV. This license enables the exchange of virtual currencies and fiat, further enhancing the platform’s capabilities and trustworthiness.
“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,” said Sling’s CEO, Hudack.
“The evolution of stablecoins and real-time payment 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.”
Sling Money utilizes Pax Dollar (USDP), a stablecoin backed by the US dollar and regulated by the New York State Department of Financial Services. Transactions are instantaneous and cost only a fraction of a cent, thanks to USDP’s stable and transparent nature.
Rebecca Kaden, Partner at Union Square Ventures, highlighted Sling Money’s vision:
“Sling Money represents a fundamental shift in the global payments landscape, offering a platform for effortless, instant transactions… We’re thrilled to support the team as they do this.”
The funding will help Sling Money expand its reach and improve its technology, continuing to lead the way in modernizing global payments.
Sling Money’s commitment to making money transfers fast, easy, and global is transforming the financial landscape. With a solid regulatory framework, experienced leadership, and innovative technology, the company is well-positioned to offer low-cost, instant transactions. As the platform continues to evolve, it promises to lower barriers and create new opportunities for users worldwide.
