Sila raises $13M in Series A from Revolution Ventures

SaaS News - Sila-banks-$13M-to-offer-single-API-for-developing-financial-products,-services (source: SaaS Industry)

At a Glance

Sila has announced its fundraise of $13M in a Series A funding round led by Revolution Partners and others. Its total funding has crossed $20.7M with this round, and it said that it would continue to bridge the gap between outdated banking systems and emerging financial systems built using blockchain

Sila, an Application Program Interface (API) platform providing payment infrastructure-as-a-service, has announced its Series A fundraise of $13 million in a round led by Revolution Ventures.

Sila raised its seed round funding in 2020, where it bagged $7.7 million. With the latest funding, the total amount raised by Sila has crossed $20.7 million as per its statements and Crunchbase data. Sila’s existing investors – Madrona Venture Group, Oregon Venture Fund, and Mucker Capital, and angels including Taavet Hinrikus, co-founder and chairman of Wise – participated in the round.

Sila, launched in 2018, enables software developers to incorporate regulatory compliant payment capabilities into their products and provides a banking API that replaces the need for organizations to integrate with legacy financial institutions. It streamlines transactions by verifying consumer and business identities, confirming the legitimacy of fund sources. 

Shamir Karkal, co-founder and CEO of Sila, enunciated the company’s mission of making money programmable. Stating that it was the platform of choice for software engineers and app developers across the globe, Mr. Karkal added,

Sila 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.

Shamir Karkal, co-founder and CEO of Sila

In its press release, Sila stated that it would continue adding new financial technology innovations to the market to bridge the gap between outdated banking systems and emerging financial systems built on blockchain technology. It said that in the first quarter close of 2021, it quadrupled its transaction volume and doubled its headcount.

Clara Sieg, a partner at Revolution Ventures, who would now join Sila’s Board, said,

Led by a seasoned leadership team including one of the original fintech pioneers, Sila is the go-to platform for integrating regulatory-compliant payment capabilities into products. By tying together the disparate, archaic services currently required to transfer funds and ensuring compliance within a complex regulatory landscape, the Sila platform makes it simple and seamless to move money,

Clara Sieg, a partner at Revolution Ventures
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