Fintech Sila Raises $ 7.7M To Create "Programmable Money"

Madrona Group and Oregon Fund have completed a funding round of $ 7.7 million for If the, a bank payment platform using a stablecoin back-to-back with the US dollar and programmable.

Founded in 2018 in Portland, United States, fintech is developing a suite ofPayment API and an Infrastructure-as-a-Service (IaaS) platform to facilitate operations on theAutomated Clearing House (ACH), the payment system bringing together all the American financial institutions.

According to a press release, If the collected $ 7.7 million near Madrona Group, Oregon Fund, Mucker Capital, 99 Tartans, Taavet Kinrikus and the co-founder of Transferwise Jerry Neumann.

Its platform integrates a stable digital parts backed by American dollar (ratio of 100: 1), built on Ethereum (ERC-20) and aimed at speeding up the transfer of funds (48 hours to a few minutes). The funds kept across the stablecoin are "fully insured" and owned by a bank that is a member of the Federal Deposit Insurance Corporation, says the young shoot.

According to Shamir Karkal, the CEO of If the, global payment networks are still too expensive, inefficient and difficult to integrate into applications.

Although money has actually been digital for decades, the world of finance has still not really been disrupted by the Internet. The global financial system is not controlled by PayPal or Stripe, but by 30,000 global banks that still operate on obsolete payment systems like ACH. Our mission is to unite all payment systems in a single programmable layer to stimulate the next phase of financial innovation, "he said.

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After a long beta period, its platform went into production last October and now has 4 customers. Fintech hopes to attract 40 more by the end of 2020.