Round is Co-led by Madrona and Oregon Venture Fund with support from Mucker Capital
Sila, the banking and payments API platform for software teams, announced the closing of a $7.7M seed funding round. The round is co-led by VC firms Madrona Venture Group and Oregon Venture Fund, with support from Mucker Capital, 99 Tartans, Taavet Kinrikus, CEO & Co-founder of Transferwise, and investor & entrepreneur Jerry Neumann. The funds will be used to accelerate growth and introduce new product features to provide software developers with easier access to the global financial system. The company plans to catalyze a new era in financial innovation that will benefit consumers and businesses alike.
Sila launched its Infrastructure-as-a-Service (IaaS) platform in April 2019 to help companies leverage financial networks to build businesses, all while abiding by the rules and regulations that have sustained the global banking network. Its platform drastically reduces the cost and time of going to market via its simple, secure and scalable payments platform that lets applications move money in a regulatory compliant manner. Software teams can add identity/KYC verification, bank account linking, and digital wallet deposits. The API includes a built-in stablecoin for operational purposes – SILA – which is an ERC-20 token pegged 100:1 to the US Dollar, with fully insured funds held by an FDIC member bank.
“The global financial system is broken – despite the global payments industry being $1.9T in revenue, it doesn’t serve consumers, small businesses, or the innovators trying to reach them. It is too expensive, inefficient, tightly regulated, and difficult to integrate into FinTech applications. This kills fintech innovation at a time when we need it more than ever. Despite money being effectively digital for decades, the world of finance has still not truly been disrupted by the Internet. The global financial system isn’t controlled by PayPal or Stripe, but by 30,000 global banks that still run on outdated payment systems like ACH. Our mission is to unite all the payment systems in one programmable layer to spur the next phase of financial innovation.” – Shamir Karkal, Sila CEO & Co-founder.