Slash a ramp competitor founded by teenagers raises 100m at 1 4b valuation

Slash a ramp competitor founded by teenagers raises 100m at 1 4b valuation

Business financial services provider Slash Financial — which offers business banking accounts, corporate credit cards, transfers, and crypto-enabled services to corporate clients — announced it has closed a $100 million Series C funding round. The latest investment values the fintech startup at $1.4 billion, and draws backing from a long list of top-tier, A-list investors.

Three fintech-focused firms, Ribbit Capital, Khosla and Goodwater Capital, co-led the new funding round. Existing returning investors NEA and Y Combinator also participated in the round to back the growing startup.

According to Bloomberg reporting, Slash was founded roughly five years ago by current CEO Victor Cardenas and current CTO Kevin Bai. The pair were only 19 years old when they launched the company, and are now 24 years old. They dropped out of college to build a fintech startup originally targeted at sneaker resellers. The company’s strategic pivot came after its core major customer Yeezy fell into severe business trouble, when brand founder Kanye West made a series of widely condemned antisemitic remarks that collapsed the brand’s mainstream operations.

Today, Slash operates as a generalist corporate financial platform that no longer targets any single niche industry, Cardenas shared in a blog post announcing the new funding round. He confirmed that the company is already profitable, generates $300 million in annualized revenue, and counts 5,000 companies across sectors as active customers.

Despite Slash’s impressive growth metrics, it faces stiff competition in the corporate fintech space. Key incumbent rivals include Ramp, which holds a $32 billion valuation, and Brex, which was recently acquired by Capital One.

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