Sila: Banking and API payment platform set up by former Simple co-founder Shamir Karkal, has closed a $7.7 million seed funding round.
- Sila launched its Infrastructure-as-a-Service (IaaS) platform in April 2019 to help companies integrate their business applications with financial networks.
- Sila’s REST APIs provide a layer on top of the existing ACH network, with applications for identity/KYC verification, bank account linking, and digital wallet deposits baked in.
- The API includes a built-in stablecoin – Sila – which is an ERC-20 token pegged 100:1 to the US Dollar, with fully insured funds held by an FDIC member bank.
- The coin supplants fiat for the purpose of money movement, settling transactions within minutes rather than the two-day timeline on the US ACH network.
Sila CEO and co-founder Shamir Karkal quoted
“Despite money being effectively digital for decades, the world of finance has still not truly been disrupted by the Internet. The global financial system isn’t controlled by PayPal or Stripe, but by 30,000 global banks that still run on outdated payment systems like ACH. Our mission is to unite all the payment systems in one programmable layer to spur the next phase of financial innovation”
- 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.
- Powers 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.
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