Slash Financial, which provides business bank accounts, business credit cards, money transfers, and cryptocurrencies, has raised a $100 million Series C round from a number of A-list investors at a valuation of $1.4 billion, the company announced.
Fintech-focused Ribbit Capital, Khosla and Goodwater Capital led the round. Returning investors NEA and Y Combinator also invested.
Slash was founded about five years ago by CEO Victor Cárdenas and CTO Kevin Bai, Bloomberg reported. Both men were 19 years old at the time and are now 24 years old. They dropped out of college and founded a fintech company focused on sneaker resellers. When its main customer, Yeezy, fell on hard times after founder Kanye West made anti-Semitic comments, the company pivoted to focus on a few verticals.
Now, the startup is no longer targeting a specific industry and has become more generalist, Cardenas detailed in a blog post about the raise. He said the company generates $300 million in annual revenue, is profitable and has 5,000 customers. Even with this growth rate, Slash has plenty of competition, including Ramp, which is valued at $32 billion, and Brex, which was recently acquired by Capital One.
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