Slash has successfully raised $41 million, achieving a valuation of $370 million for its innovative business banking platform, which aims to replace the traditional one-size-fits-all approach with tailored solutions for various industries.
Goodwater Partners, NEA, and Menlo Ventures participated in this funding round, following a $19 million Series A earlier in 2023.
Initially catering to sneaker resellers, Slash faced a significant setback over a year ago when Kanye West lost his Adidas partnership due to controversial comments, leading to an 80% drop in revenue, as reported by co-founder Victor Cardenas. In response, the company pivoted to focus on larger businesses, addressing their specific financial needs.
This vertical strategy distinguishes Slash from other business banking fintechs like Ramp and Mercury, which employ a more general approach. The company initially targeted marketing professionals working with e-commerce but has expanded to include cryptocurrency firms, assisting them in managing both fiat and crypto transactions.
Cardenas noted, “Most banking products currently available are too ‘cookie cutter’ and fail to adequately meet customer needs. Traditional banks typically compete on high yields, rewards, and customer relationships. While other fintechs offer integrated banking and expense management solutions, their products remain industry agnostic, ignoring the unique requirements of different sectors.”
With this new funding, Slash aims to establish itself as the “largest commercial card in America” by developing applications for a wide range of industries, including online travel and property management.