Slash Financial Inc., a business banking startup, today announced that it has raised $100 million in new funding at a valuation of $1.4 billion to continue product development and build an artificial intelligence-powered back office for small and medium-sized businesses.
Founded in 2020, Slash operates a banking platform built for modern online businesses, rather than a bank itself.
The company offers a suite of products that combine a Federal Deposit Insurance Corporation-insured business checking card and a corporate card with uncapped cash back, expense management, treasury, global payments, invoicing, working capital, and stablecoin support on a single platform.
Slash provides savings account and card services provided by Column NA, and Slash operates as a software layer. Corporate cards are issued as Visa charge cards and offer cashback on spending across a variety of categories. Additionally, through our partnership with Atomic Invest LLC, our treasury function directs idle cash to money market funds.
The platform also bundles expense management, accounting automation, invoicing, and application programming interfaces for businesses that want to build custom workflows on top of Slash.
Slash focuses on industry-specific tools that build functionality for affiliate marketers, e-commerce operators, agencies, healthcare providers, contractors, wholesalers, online travel agencies, and Web3 companies. The company serves more than 5,000 companies, including voice artificial intelligence startup Bland Inc., accounting software company Entry Inc., gaming company Triumph Labs Inc., and direct-to-consumer brands Drink Nectar Inc. and Hike Outdoor LLC.
Today’s funding round marks the first time Slash has surpassed a $1 billion valuation, marking the start of the company’s path to unicorn status as it pivots from a company serving sneaker resellers to business banking and deploys AI for good measure. As a result of this change, Slash’s annual card issuance volume will exceed $1 billion in 2024 and reach $3 billion in 2025.
The Series C round was led by Ribbit Capital, Khosla Ventures, and Goodwater Capital LP, with participation from New Enterprise Associates Inc. and Y Combinator.
The new capital will fund further product development as the company positions its platform as an autonomous financial function for customers.
“By the end of the year, Slash will be running the financial back office,” CEO Victor Cárdenas said in a blog post. “Business owners need to spend every waking moment on the very important parts of their business, rather than the busy work of finance and accounting.”
The investment comes as venture investors continue to back industry-targeted business banking startups, including competitors such as Mercury Technologies and Lamp Business Corporation. Slash has differentiated itself by building workflow software for narrow verticals, such as affiliate marketers, crypto-native companies, and home service operators.
Image: Slash
Support our mission of keeping content open and free by joining the theCUBE community. Join theCUBE’s Alumni Trust Networka place where technology leaders connect, share intelligence, and create opportunities.
- over 15 million viewers of theCUBE videospowering conversations across AI, cloud, cybersecurity, and more
- 11.4k+ theCUBE Alumni — Connect with over 11,400 technology and business leaders who are shaping the future through our trusted, unique network.
About SiliconANGLE Media
Founded by technology visionaries John Furrier and Dave Vellante, SiliconANGLE Media has built a dynamic ecosystem of industry-leading digital media brands that reach more than 15 million elite technology professionals. Our new, proprietary theCUBE AI Video Cloud leverages theCUBEai.com neural networks to deliver breakthrough advances in audience interaction, helping technology companies make data-driven decisions and stay at the forefront of industry conversations.
