Sila Raises $7.7M to Grow BaaS Infrastructure Platform
Sila, a Portland-based fintech co-founded by a former Simple executive, raised $7.7M to grow its banking-as-a-service infrastructure platform. The company offers a white-label API that allows developers to integrate compliant banking features including ACH payments, money transfers, and digital wallets without direct legacy bank integrations. Sila's platform includes a built-in stablecoin (SILA) pegged 1:1 to USD with FDIC-insured funds, providing a novel rails layer for regulated financial transactions.
Key partnerships include Evolve Bank & Trust as the banking partner, Plaid for account connectivity, and Alloy for identity verification. Pricing tiers ranged from free to $9,999 per month depending on usage. The funding round signals growing investor confidence in BaaS infrastructure plays, particularly as COVID-19 accelerated digital financial services adoption.
The raise positions Sila to compete with other embedded finance API providers targeting developers building fintech applications.
- Validates developer-focused BaaS infrastructure as a fundable category even during early COVID-19 uncertainty
- Evolve Bank & Trust's role as sponsor bank highlights the concentration of BaaS banking partnerships among a few institutions