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Slash, a Ramp competitor founded by teenagers, raises $100M at $1.4B valuation
Slash, a fintech startup founded by teenagers, has raised $100 million in a Series C funding round, achieving a $1.4 billion valuation. Originally focused on sneaker resellers, the company has pivoted to offer business banking and credit services. With 5,000 customers and $300 million in annual revenue, Slash competes with established players like Ramp and Brex.
Key points
- Slash Financial raised $100 million in Series C funding.
- Valuation reached $1.4 billion post-funding.
- Founded by Victor Cardenas and Kevin Bai, who dropped out of college at 19 to start the company.
- Initially targeted sneaker resellers but pivoted due to Yeezy's controversies.
- Currently serves a broad market with business banking and credit services.
- Slash has 5,000 companies as customers and is generating $300 million in annual revenue.
Why it matters
- The rise of fintech companies has accelerated in recent years, particularly during the pandemic.
- By 2025, the fintech industry is expected to grow significantly, showcasing a trend towards digital banking and financial services.
- Competitors like Ramp and Brex highlight the intense competition in the fintech space, especially among startups focusing on business finance.
With substantial funding and a clear growth trajectory, Slash Financial illustrates the vibrant landscape of fintech innovation, especially among young entrepreneurs, while also highlighting the competitive nature of the industry.