Sling Money, a stablecoin-based global payment app, raises $15 million in Series A

Digital payments startup Sling Money announced Wednesday it has raised $15 million in Series A financing.

The Series A was led by Union Square Ventures, Ribbit Capital, and Slow Ventures, according to the statement. Sling Money said it previously raised $5 million in a seed round led by Ribbit Capital. Slow Ventures also participated.

Sling Money aims to provide a cheaper and faster way for people to send each other money around the world. The company executes the transactions using the U.S. dollar-backed Pax stablecoin, or USDP.

"With Sling Money, users can easily send money instantly across 50+ countries across Europe and Africa to other users," the company said. Sling Money said it will charge customers little or no fees to transfer money "instantly."

The app converts fiat currency to USDP and then back again to complete transfers between parties. At the end of last year, Paxos received approval from a New York regulator to expand its stablecoin to the Solana blockchain after being previously limited to just Ethereum.

Mike Hudack, CEO and co-founder of Avian Labs, the parent company behind Sling Money, said the advancement of stablecoins is playing a pivotal role in making global payments more efficient.

"[The] capability has existed for a while now, but it’s been hidden behind complicated, user-confounding interfaces. Our goal is to fix that," Hudack said in a statement.