Sila

Sila offers an application programming interface (API) and system development kit (SDK) for enterprises to embed banking services in their apps. Sila users can allow their customers to store and transfer money with full US regulatory compliance between bank accounts, crypto, and digital wallets from within the app. Software teams can also add identity and know-your-customer (KYC) verification functions to their apps using Sila’s API. As of January 2021, Sila supported 9,600 banks on its platform. 

The Sila platform is built on top of the Ethereum blockchain to automatically create smart contracts to quickly deploy applications. Customers range from large enterprises to startups across various industries, including finance, insurance, and real estate. The company claims its platform enables users to set up banking processes in around two months. Moreover, the platform is integrated with multiple FinTech platforms, including Plaid, Alloy, Lithic, and Arcus, to move funds. 

Key customers and partnerships

In October 2023, Sila partnered with Fortress Trust , a diverse infrastructure provider on compliance, security, and custodial services, to offer integrated payment solutions, compliance expertise, custodial services, and payment development tools. In November 2022, Sila partnered with MX , an open banking infrastructure provider, to integrate “MXapi Processor Tokens” with Sila. The partnership enables Sila customers to automate the bank account (and account data) verification process for fraud mitigation and balance checks.

Funding and financials

The company noted that its revenue rose 10x YoY over the 12 months ending July 2021, and the number of end users utilizing the platform rose 500% over the preceding seven months. Sila further noted that in Q1 2021, the volume of transactions processed quadrupled and its headcount doubled. 

Sila raised USD 13 million in Series A funding in July 2021, led by Revolution Ventures, to invest in recruitment, adding partners, and expanding product features. Shortly after the funding, the company appointed Rick Holt as its first Chief Revenue Officer (CRO), to build cohesion in revenue-related functions (such as sales, marketing, and customer experience).