Slash, a Ramp competitor founded by teenagers, raises $100M at $1.4B valuation

In Brief

Slash Financial, which offers business banking accounts, corporate credit cards, transfers and crypto, has raised a $100 million Series C round at a $1.4 billion valuation from a crowd of A-list investors, 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 Cardenas and CTO Kevin Bai, both who were 19 years old at the time, and are now 24, Bloomberg reports. They dropped out of college to build a fintech company focused on sneaker resellers. When the startup’s main customer, Yeezy, hit trouble after its founder Kanye West spewed anti-Semetic remarks, they pivoted to focus on a few verticals.

Now, the startup has become generalist, not targeting any one industry, Cardenas recounted in his blog post about the raise. He said the company is generating $300 million in annualized revenue, profitably, and claims 5,000 companies as customers. Even with such growth numbers, Slash has plenty of competition, including $32 billion valuation Ramp and Brex, which was recently acquired by Capital One.