Sila provides an end-to-end payments platform designed for building and launching fintech applications and embedded payments products. The platform offers a developer-friendly ACH API, virtual accounts, and integrated fraud prevention tools for secure money transfers. This infrastructure simplifies ACH processing, identity verification (KYC/KYB), and enables fast, compliant movement of funds.
Funding
$20.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
MMCPA+1Founders
Product
Problem
Building and launching fintech applications and embedded payment products involves navigating complex payment processing systems and ensuring compliance with U.S. regulations. Integrating these functionalities can be time-consuming and costly for developers.
Solution
Sila provides an ACH payment API that streamlines the integration of money transfer features into fintech applications. The platform offers a developer-friendly environment with straightforward API code, SDKs, and comprehensive documentation. Sila simplifies ACH processing, bank account linking, and user verification (KYC/KYB) while adhering to U.S. regulatory compliance requirements and industry best practices. The API endpoints facilitate secure and reliable transfers among bank accounts, digital wallets, and virtual accounts.
Target Audience
Sila's primary customers are fintech developers and businesses looking to integrate payment functionalities into their applications and embedded finance products.
Features
- ACH Payment API for originating and accepting ACH transfers
- Virtual Accounts with designated account and routing numbers for ACH direct deposit and third-party debit
- Fraud Prevention with simplified fraud protection built into money transfer APIs
- Identity Verification with automated user verification (KYC/KYB)
- Instant Settlement for on-demand, same-day payments to digital wallets or virtual accounts
- Standard ACH for payment transfers between bank accounts with standard 2-3 day processing times
- Same Day ACH for bank transfers processed on the ACH Network on the day of initiation
- Digital Wallets API to customize application-based payment flows and enable stored value and transfers among wallets and linked accounts