Sling Money, a fintech startup with operations in both the US and the Netherlands, has secured €13.6 million ($15 million) in a Series A funding round. This investment was led by Union Square Ventures, Ribbit Capital, and Slow Ventures. Sling Money, which integrates cryptocurrency into its platform, aims to make global money transfers faster, easier, and more cost-effective.
Sling Money allows users to instantly send money across more than 50 countries in Europe and Africa. Transactions, whether sent to other Sling users or non-users via Sling Link, are completed in seconds, with minimal or no hidden fees. For example, users can transfer money from Paris to Nairobi and then to Bucharest, Stockholm, and Amsterdam almost instantaneously.
Traditionally, such cross-border transactions would incur significant fees and could take hours or even days to process. Sling Money’s app, which already supports conversions between fiat currencies and USDP across 50 countries, is changing the landscape by offering real-time transfers.
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Backed by Industry Experts
Sling Money is the brainchild of Mike Hudack, former CPO of Monzo, and Simon Amor, a former product designer at Monzo. With their experience in leading consumer products at companies like Facebook, Spotify, and Deliveroo, the Sling Money team is well-equipped to deliver a seamless, user-friendly platform.
The app utilizes Pax Dollar (USDP), a US-dollar-backed stablecoin, for its transfers. USDP is issued by Paxos Trust Company and is under strict regulatory oversight by the New York State Department of Financial Services. Transfers using Sling Money and USDP are nearly instantaneous and incur only a fraction of a cent in fees.
Sling’s Vision for the Future
The startup’s vision is to simplify money transfers, making them as fast and accessible as other online services. “Money should work like everything else on the internet—easy, fast, and global,” said CEO Mike Hudack. The platform combines stablecoin technology with an intuitive interface and integration with fiat payment systems, aiming to provide a better, more efficient way to move money globally.
Union Square Ventures Partner Rebecca Kaden added, “Sling Money represents a fundamental shift in the global payments landscape, offering a platform for effortless, instant transactions. We’re thrilled to support the team as they expand access and lower costs for users worldwide.”
Sling Money, which previously raised €4.54 million ($5 million) in a seed round led by Ribbit Capital, is currently available for download on iOS and Google Play, though it has a waitlist in countries where it operates.
