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

In Brief

Slash Financial, which offers business banking accounts, firm in installments cards, transfers and crypto, has raised a $100 cardinal Series C information astatine a $1.4 cardinal valuation from a crowd of A-list investors, the institution announced.

Fintech-focused Ribbit Capital, Khosla and Goodwater Capital led the round. Returning investors NEA and Y Combinator besides invested.

Slash was founded about 5 years agone by CEO Victor Cardenas and CTO Kevin Bai, some who were 19 years aged astatine the time, and are now 24, Bloomberg reports. They dropped retired of assemblage to build a fintech institution focused connected sneaker resellers. When the startup’s main customer, Yeezy, deed problem aft its laminitis Kanye West spewed anti-Semetic remarks, they pivoted to attraction connected a fewer verticals.

Now, the startup has go generalist, not targeting immoderate 1 industry, Cardenas recounted successful his blog post about the raise. He said the institution is generating $300 cardinal successful annualized revenue, profitably, and claims 5,000 companies arsenic customers. Even pinch specified maturation numbers, Slash has plentifulness of competition, including $32 cardinal valuation Ramp and Brex, which was precocious acquired by Capital One.

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