Sila, a fintech software platform that offers payment infrastructure as a service, has raised $13m in a Series A funding round led by Revolution Ventures.

The round was joined by existing investors Oregon Venture Fund, Madrona Venture Group, and Mucker Capital.

Wise co-founder and chairman Taavet Hinrikus also participated in the financing round.

Sila will use the fresh capital to expand its team, target additional partners, and bolster product features.

The round brings the company’s total funding to over $20m.

Established in 2018, Sila helps software developers integrate regulatory compliant payment capabilities into their products.

Sila’s banking APIs replace the requirement for integrating with legacy financial institutions.

Its built-in-compliance Know Your Customer (KYC), and Know Your Business (KYB) capabilities further streamline transactions by verifying consumer and business identities.

The firm counts FunnelDash, Charlie, Constitution Lending, Fabrica, and BitBoss among its customers.

Sila co-founder and CEO Shamir Karkal said: “We’re proud to be the platform of choice for any software engineer and app developer in the world, yet Sila is especially well suited for regulated industries including investment products, real estate, insurance, digital assets, and iGaming.

“Sila has worked hard to become the leader in embedded fintech, and we’ll continue our growth trajectory—the sky’s the limit.”

Revolution Ventures partner Clara Sieg said: “Led by a seasoned leadership team including one of the original fintech pioneers, Sila is the go-to platform for integrating regulatory-compliant payment capabilities into products.

“By tying together the disparate, archaic services currently required to transfer funds and ensuring compliance within a complex regulatory landscape, the Sila platform makes it simple and seamless to move money.”

In April last year, Sila closed a $7.7m seed funding round co-led by Madrona Venture Group and Oregon Venture Fund.

The same month, the firm partnered with RocketFuel to offer frictionless payments.