Sling Money, an Amsterdam, The Netherlands-based provider of an app designed to make the global transfer of money instant, raised $15M in Series A funding.
The round was led by Union Square Ventures, Ribbit Capital, and Slow Ventures.
The company intends to use the funds to expand operations and its development efforts.
Founded by Mike Hudack and Simon Amor, Sling provides an app that leverages stablecoin and real-time payment technology to allow people to move money anywhere, in any currency, nearly instantly and for a negligible fee.
Transfers on Sling Money are performed using Pax Dollar (USDP), which is a US dollar-backed stablecoin issued by Paxos Trust Company. USDP – and its reserves – are subject to regulatory oversight by the New York State Department of Financial Services. Transfers performed with Sling using USDP are instant and cost only a fraction of a penny. The app converts between fiat currency and USDP and back again in 50+ countries, with more countries continuously added.
The Sling Money app currently has a waitlist but is available on the iOS and Google Play app stores for download in countries where Sling is currently available.
FinSMEs