Sila, a Portland, Ore.-based API platform that provides payment infrastructure as a service while ensuring regulatory compliance, raised $13M in Series A funding.
The round, which brought total funding to over $20m, was led by Revolution Ventures, with participation from existing investors Madrona Venture Group, Oregon Venture Fund, and Mucker Capital, and angels Taavet Hinrikus, Co-founder and Chairman of Wise. Clara Sieg, Partner at Revolution Ventures, is joining the board of Sila.
The new funding will be used to continue to scale the team, target additional partners, and expand product features.
Launched in 2018 and led by Shamir Karkal, CEO, Sila enables software developers to incorporate regulatory compliant payment capabilities into their products. Its banking APIs has built-in-compliance Know Your Customer (KYC), and Know Your Business (KYB) capabilities to further streamline transactions by verifying consumer and business identities and confirming that the source of funds is legitimate. Sila is backed with bank agency status through Evolve Bank and Trust. Sila is used by fintechs from startups to middle-market to NYSE listed companies. Customers inclide Charlie, FunnelDash, Fabrica, Constitution Lending, and BitBoss, among others.