Sling Money Raises $15 Million in Series A Financing

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 previously raised $5 million in a seed round led by Ribbit Capital, with Slow Ventures participating.

Sling Money aims to provide a cheaper and faster way for people to send money globally. The company executes transactions using the U.S. dollar-backed Pax stablecoin (USDP -0.03%).

“With Sling Money, users can easily send money instantly across 50+ countries in Europe and Africa to other users,” the company stated. Sling Money announced it will charge little or no fees for instant transfers.

The app converts fiat currency to USDP and back again to complete transfers. At the end of last year, Paxos received approval from a New York regulator to expand its stablecoin to the Solana blockchain after previously being limited to Ethereum.

Mike Hudack, CEO and co-founder of Avian Labs, the parent company behind Sling Money, emphasized that the advancement of stablecoins is crucial for efficient global payments. “[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.