The funding was led by Union Square Ventures, Ribbit Capital, and Slow Ventures.
Sling Money previously raised a $5 million seed round led by Ribbit Capital with participation from Slow Ventures.
With Sling Money, users can send money instantly across 50+ countries across Europe and Africa to other users, between their own accounts, as well as to non-Sling users. The service is currently available to UK residents in a closed beta format.
“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,” says Mike Hudack, co-founder and CEO of Avian Labs, Sling Money’s parent company. “The evolution of stablecoins and real-time payments 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), the US dollar-backed stablecoin issued by Paxos Trust Company. The Sling app seamlessly converts between fiat currency and USDP and back again in 50+ countries, with more countries continuously added.
Avian Labs was founded in 2022 by Mike Hudack and Simon Amor, who met while building Monzo Bank.
