Quick take:
- Union Square Ventures, Ribbit Capital, and Slow Ventures co-led the round.
- The company previously raised $5 million in a seed round led by Ribbit Capital with Slow Ventures participating.
- Sling Money aims to offer a cheaper and faster means of sending money around the world.
Sling Money, a stablecoin-powered global payments company that supports cheaper and faster means of sending money around the world has raised $15 million in a Series A round. The round was led by Square Ventures, Ribbit Capital, and Slow Ventures. Sling Money previously raised $5 million in a seed round led by Rabbit Capital with Slow Ventures participating, the company wrote in a press release.
Founded by former Deliveroo chief technology officer Mike Hudack, the app is powered by the Pax Dollar (USDP) stablecoin. It converts fiat currency to the USDP when the sender initiates the transaction, and back to fiat when it executes reflecting on the recipient’s mobile wallet.
Commenting on the fundraising, Hudack the CEO of Avian Labs, the parent company of Sling Money highlighted the rapid adoption of stablecoins as a key milestone for crypto in the global financial payments ecosystem.
According to Hudack, it has been a possibility for a while to make global payments more efficient, “but it’s been hidden behind complicated, user-confounding interfaces.” He said his company is on a mission to change that.
Rebecca Kaden, Partner at Union Square Ventures said in a statement: “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.”
According to Sling Money, users can use its platform to “easily send money instantly across 50+ countries across Europe and Africa to other users.” The service will be available for little or no fees to make instant money transfers, the company added.
Stablecoins have emerged as a viable gateway for onboarding masses to the world of crypto.
According to Chainalysis, in 2023, on-chain transaction volume reached $10 trillion, with stablecoins accounting for about 60%. That is about $17.4 billion worth of stablecoins transferred daily.
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