Sila, a Portland, Ore.-based banking and payments API platform for software teams, closed a $7.7M seed funding round.
The round was co-led by Madrona Venture Group and Oregon Venture Fund, with participation from Mucker Capital, 99 Tartans, Taavet Kinrikus, CEO & Co-founder of Transferwise, and investor & entrepreneur Jerry Neumann. As part of the fundraise, Hope Cochran, Managing Director at Madrona Venture Group, and Rick Holt, Lead Investor, Oregon Venture Fund are joining the Sila board of directors. Matt Compton, General Partner at Oregon Venture Fund, is also joining as a Board Observer.
The company intends to use the funds to accelerate growth and introduce new product features.
Launched in April 2019 by Shamir Karkal, CEO, Sila provides an Infrastructure-as-a-Service (IaaS) platform that allows companies to leverage financial networks to build businesses, all while abiding by the rules and regulations that have sustained the global banking network. The system reduces the cost and time of going to market via its payments platform that lets applications move money in a regulatory compliant manner. Software teams can add identity/KYC verification, bank account linking, and digital wallet deposits. The API includes a built-in stablecoin for operational purposes – SILA – which is an ERC-20 token pegged 100:1 to the US Dollar, with fully insured funds held by an FDIC member bank.
Sila will soon be adding support for card payments, business ID verification, and international payments.
Current customers range from startups to established businesses in industries such as finance, insurance, real estate, and blockchain.
. About Sila: Sila is a banking and payment platform for software teams building the next generation of financial products & services in regulated and unregulated industries. The Sila API enables white-label ACH payment processing, money transfer, digital wallets, bank account linking, and identity verification of business and individuals. We power any web, desktop, or mobile application with built-in compliance. Sila was co-founded in 2018 in Portland, Oregon by a diverse team of fintech, legal, and financial experts. For more information visit silamoney.com and follow us on Twitter, @SilaMoney and LinkedIn. About Madrona: Madrona (www.madrona.com) has been investing in early-stage technology companies in the Pacific Northwest for 25 years and has been privileged to play a role in some of the region’s most successful technology ventures. The firm invests predominantly in seed and Series A rounds across the information technology spectrum, and in 2018 raised a fund to expand initial investments into acceleration stage companies. Madrona manages approximately $1.8 billion and was an early investor in companies such as Amazon, Smartsheet, Rover, and Redfin. About Oregon Venture Fund: Oregon Venture Fund is a professionally managed, collaborative venture capital fund backed by Oregon’s business, technology, and entrepreneurial leaders. The fund provides capital and support for building a new generation of world-class growth companies in Oregon and SW Washington. Oregon Venture Fund has grown to become the largest Oregon based venture fund and one of the top performing venture funds of any size and focus in North America. For more information, visit: www.OregonVentureFund.com Media Contact: William McCormick, 415-699-6046, [email protected] SOURCE Sila Related Links http://www.silamoney.com/