Sling Money, an innovative payments platform, today announced a significant boost to its capabilities with a $15m Series A funding round.
The investment was spearheaded by Union Square Ventures and included contributions from Ribbit Capital and Slow Ventures. This follows a previous $5m seed funding round, which was also led by Ribbit Capital with participation from Slow Ventures.
Sling Money is at the forefront of transforming the way money is moved around the world. By integrating stablecoin technology with a user-friendly interface, the app facilitates instant, low-cost global money transfers. This system contrasts sharply with traditional methods that often involve high fees and slow processing times.
The new funds will be used to expand Sling Money’s technological base and enhance its market presence. By leveraging real-time payments systems and stablecoins, Sling Money aims to make global financial interactions as seamless and straightforward as online chatting.
Further enhancing its user experience, Sling Money allows transfers across over 50 countries in Europe and Africa. Users can send money not only to other Sling users but also to non-users via a unique feature called Sling Link. This enables instant transactions from cities like Paris to Nairobi, and beyond, at minimal to no cost.
Rebecca Kaden, Partner at Union Square Ventures, said, “Sling Money represents a fundamental shift in the global payments landscape, offering a platform for effortless, instant transactions.
“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.”
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