Slash Raises $100M at $1.4B Valuation, Competing with Ramp
Slash Financial, a fintech startup founded by teenage college dropouts Victor Cardenas and Kevin Bai, has successfully raised $100 million in a Series C funding round, achieving a valuation of $1.4 billion. The investment was led by prominent firms including Ribbit Capital, Khosla Ventures, and Goodwater Capital, with participation from existing investors NEA and Y Combinator. Originally launched five years ago to serve sneaker resellers, the company pivoted after issues with its primary client, Yeezy, to become a generalist business banking platform. Today, Slash offers corporate credit cards, transfers, and crypto services to approximately 5,000 companies. The founders, now 24 years old, report that the company has reached $300 million in annualized revenue and is operating profitably. This significant milestone positions Slash as a notable competitor in the spend management sector against established giants like Ramp, which recently hit a $32 billion valuation, and Brex, which was acquired by Capital One. The funding highlights continued investor confidence in innovative fintech solutions despite a competitive landscape.
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Slash Raises $100M at $1.4B Valuation, Competing with Ramp
Slash Financial, a fintech startup founded by teenage college dropouts Victor Cardenas and Kevin Bai, has successfully raised $100 million in a Series C funding round, achieving a valuation of $1.4 billion. The investment was led by prominent firms including Ribbit Capital, Khosla Ventures, and Goodwater Capital, with participation from existing investors NEA and Y Combinator. Originally launched five years ago to serve sneaker resellers, the company pivoted after issues with its primary client, Yeezy, to become a generalist business banking platform. Today, Slash offers corporate credit cards, transfers, and crypto services to approximately 5,000 companies. The founders, now 24 years old, report that the company has reached $300 million in annualized revenue and is operating profitably. This significant milestone positions Slash as a notable competitor in the spend management sector against established giants like Ramp, which recently hit a $32 billion valuation, and Brex, which was acquired by Capital One. The funding highlights continued investor confidence in innovative fintech solutions despite a competitive landscape.
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