Fintech company Sila completes $ 7.7 million seed round of financing

Fintech startup Sila completed a $ 7.7 million seed round of financing, led by Madrona Venture Group’s Hope Cochran and Oregon Venture Fund’s Rick Holt. As part of the investment, the two will join Sila’s board of directors. Sila is a payment and banking API infrastructure company that aims to replace ACH as the ultimate choice for companies with funds transfer needs. Sila follows the ERC-20 protocol and is built on the Ethereum blockchain. Sila ’s main product is an API for authentication, which allows developers to identify users and then use that information in the company ’s banking API, allowing users to debit their accounts and transfer funds from one account to another account. On top of the infrastructure, Sila’s Ethereum foundation allows the automatic creation of smart contracts, enabling faster deployment of financial applications. As early as 2009, Sila founder Shamir Karkal co-founded the Portland fintech company Simple, which was sold to BBVA for $ 117 million in 2014. Shamir Karkal has been working on integrating Simple and BBVA for several years. And developed API product BBVA Open Platform for BBVA.