Sila offers a banking and payments platform with a single API that enables developers to create digital wallets and embed regulated payment flows without integrating legacy bank mainframes. The company partners with fintech infrastructure providers including Plaid, Alloy, Lithic and Arcus and is backed by Evolve Bank and Trust. Founded in 2018, Sila says its platform reduced setup time for customers from years to months and its business accelerated in the second half of 2020. In the last 12 months Sila grew revenue 10x, and customers' end users expanded over 500% in the prior seven months. CEO Shamir Karkal, a cofounder of Simple, leads a founding team of four. Sila plans to use new funding to increase headcount, target additional partners and expand product features such as Ethereum MainNet stablecoin issuance and interoperability between FedWire and the Nacha ACH network. Sila was formed by Shamir Karkal with co-founders Angela Angelovska, Isaac Hines and Alex Lipton and builds payments and banking APIs on top of Ethereum. Its core product is an identity verification API combined with a banking API that enables developers to debit accounts and move funds. Built on Ethereum, Sila supports automatic smart contract creation and offers faster settlement than ACH (minutes versus days). The company is in production with several customers and is focused on reliability and scalability. Its pricing mixes SaaS subscriptions with fixed flat-rate transaction fees. Sila intends to use the seed funds to expand its API offerings and grow its customer base.

Total raised

$21M

Funding rounds

2

Latest round

Series A

Latest activity

Jul 2021