Slash Financial, a provider of business banking accounts, corporate credit cards, transfers, and crypto services, has secured a $100 million Series C funding at a $1.4 billion valuation, backed by a notable group of investors, the company announced.
The round was led by fintech-focused Ribbit Capital, Khosla, and Goodwater Capital, with previous investors NEA and Y Combinator also participating.
Slash was established around five years ago by CEO Victor Cardenas and CTO Kevin Bai, who were both 19 at the time and are now 24, Bloomberg reports. They left college to create a fintech company catering to sneaker resellers. When their main customer, Yeezy, encountered difficulties following anti-Semitic remarks by its founder, Kanye West, they shifted focus to several sectors.
Currently, the startup operates as a generalist, not concentrating on one specific industry, as Cardenas mentioned in his blog post regarding the funding. He stated that the company is profitably generating $300 million in annualized revenue and serves 5,000 companies as customers. Despite these impressive growth figures, Slash faces significant competition from companies like Ramp, valued at $32 billion, and Brex, which was recently acquired by Capital One.