Investment Secured for Affordable and Swift International Payment Service by Previous Deliveroo Executive, Amounting to $15m Series A
Sling Money, a pioneering global payments company, has announced the successful completion of a $15 million Series A funding round. The round was co-led by Union Square Ventures, Ribbit Capital, and Slow Ventures, with Union Square Ventures being a significant investor in the company.
The funds raised will be used to further develop the Sling Money app and expand its global reach. Mike Hudack, the founder of Sling Money and CEO of Avian Labs, expressed his excitement about the rapid adoption of stablecoins as a key milestone for crypto in the global financial payments ecosystem.
Sling Money's platform is powered by the Pax Dollar (USDP) stablecoin, which allows for the conversion of fiat currency to USDP when a transaction is initiated, and back to fiat when it executes. This innovative approach has enabled Sling Money to support cheaper and faster means of sending money around the world, with little or no fees for instant money transfers.
Stablecoins have emerged as a viable gateway for mass onboarding to the world of cryptocurrency. Chainalysis reports that in 2023, on-chain transaction volume reached $10 trillion, with stablecoins accounting for approximately 60%. Daily on-chain transaction volume of stablecoins is approximately $17.4 billion.
Rebecca Kaden, Partner at Union Square Ventures, stated that Sling's vision aligns with their belief in expanding access, lowering costs, and opening new opportunities through payments infrastructure on the blockchain. Sling Money's service will enable users to send money instantly across 50+ countries in Europe and Africa.
Mike Hudack, formerly the Chief Technology Officer at Deliveroo, founded Sling Money with a mission to revolutionise the global payments industry. The company's success in the Series A funding round is a testament to the growing potential of stablecoin-powered payments and the increasing acceptance of cryptocurrency in the mainstream financial sector.
Sources: 1. Sling Money Raises $15 Million in Series A Funding 2. Chainalysis 2023 Global Crypto Adoption Index
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