Digital payments startup Sling Money announced Wednesday it has raised $15 million in Series A financing.
The Series A was led by Union Square Ventures, Ribbit Capital, and Slow Ventures, according to the statement. Sling Money said it previously raised $5 million in a seed round led by Ribbit Capital. Slow Ventures also participated.
Sling Money aims to provide a cheaper and faster way for people to send each other money around the world. The company executes the transactions using the U.S. dollar-backed Pax stablecoin, or 
USDP -0.19% .
"With Sling Money, users can easily send money instantly across 50+ countries across Europe and Africa to other users," the company said. Sling Money said it will charge customers little or no fees to transfer money "instantly."
The app converts fiat currency to USDP and then back again to complete transfers between parties. At the end of last year, Paxos received approval from a New York regulator to expand its stablecoin to the Solana blockchain after being previously limited to just Ethereum.
Mike Hudack, CEO and co-founder of Avian Labs, the parent company behind Sling Money, said the advancement of stablecoins is playing a pivotal role in making global payments more efficient.
"[The] capability has existed for a while now, but it’s been hidden behind complicated, user-confounding interfaces. Our goal is to fix that," Hudack said in a statement.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
