Global money transfer app Sling Money raises $15m

By Gloria Methri

Sling Money, a global money transfer app, has raised a $15 million Series A round led by Union Square Ventures, Ribbit Capital, and Slow Ventures. The company previously raised a $5 million seed round led by Ribbit Capital with participation from Slow Ventures.

Sling Money combines stablecoin technology with a user-friendly interface and seamless integration with fiat payment systems to enable a better, faster, and cheaper way of moving money globally.

It allows users to send money instantly across 50+ countries in Europe and Africa to other users, between their accounts, or even to non-Sling users with a Sling Link. For example, a user can transfer money from Paris to Nairobi in seconds, then on to Bucharest, Stockholm, and Amsterdam for free.

Each transaction takes only seconds. Traditionally, transfers like these cost the sender a percentage of each transaction and are settled over hours or even multiple days. With Sling Money, transfers happen instantly, and there are little or no fees.

“We believe that money should work the same way everything else on the internet works – that it should be easy to use, it should be fast, and it should be global,” said Mike Hudack, co-founder and CEO of Avian Labs, Sling Money’s parent company. “The evolution of stablecoins and real-time payment systems around the world makes this possible. This capability has existed for a while now, but it’s been hidden behind complicated, user-confounding interfaces. Our goal is to fix that.”

Transfers on Sling Money are performed using Pax Dollar (USDP), which is a US dollar-backed stablecoin issued by Paxos Trust Company. Transfers performed with Sling using USDP are instant and cost only a fraction of a penny. The Sling app converts between fiat currency and USDP and back again in 50+ countries, with more countries continuously added.

“Sling Money represents a fundamental shift in the global payments landscape, offering a platform for effortless, instant transactions,” said Rebecca Kaden, Partner at Union Square Ventures. “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 are thrilled to support the team as they do this.”