Sila, a U.S.-based banking and payments API platform, announced on Wednesday it secured $7.7 million through its seed funding round, which was co-led by venture capital firms Madrona Venture Group and Oregon Venture Fund, with participation from Mucker Capital, 99 Tartans, Taavet Kinrikus, CEO & Co-founder of Transferwise, as well as investor and entrepreneur Jerry Neumann.
Founded in 2018, Sila describes itself as a fintech company dedicated to empowering developers with open source infrastructure tools. The company is also aiming to overhaul the financial service world by using advanced APIs and distributed ledger technology.
“Sila provides Banking and Payments Infrastructure-as-a-Service for teams building the next generation of financial products and services. Our banking APIs replace the need for integrating with legacy financial institutions saving you months of development time, and thousands in legal and regulatory expenses.”
The investment round’s funding will go towards accelerating the growth of the company and introduce new product features. 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.