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We have exciting news to share with all of you: Sila received $13m Series A funding led by Revolution Ventures. Also participating in the round were existing investors Madrona Venture Group, Oregon Venture Fund, and Mucker Capital, as well as angel investors including Taavet Hinrikus, Co-founder and Chairman of Wise.
Series A funding is an important step in the growth of any startup and a validation of what we have achieved so far. Sila would be nothing without its customers and partners and their trust in our services. We could not have reached this milestone without their support and the hard work of our dedicated team.
Sila is growing by leaps and bounds (and hiring!). We closed Q1 2021 by quadrupling transaction volume and doubling our headcount. The growth of the our platform has been exponential — customers’ end-users grew 535% in the previous seven months.
It’s an open secret that access to the U.S. banking system, especially for innovators and entrepreneurs, is extremely complex and prohibitive. We are so successful because the Sila Money API platform provides easy, scalable, and compliant money transfer for software engineers and app developers who are looking to get things done within weeks instead of months or years. Not surprisingly, our suite of APIs is especially well suited for regulated industries including investment products, real estate, insurance, digital assets, and iGaming.
Sila has worked hard to become the leader in embedded fintech, and we’ll continue our growth trajectory—the sky’s the limit.
To read the full text of the press release, go here.