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

Slash Financial, a burgeoning player in the fintech landscape, has successfully raised $100 million in a Series C funding round, achieving a remarkable valuation of $1.4 billion. The investment was led by prominent fintech investors including Ribbit Capital, Khosla Ventures, and Goodwater Capital, with support from previous backers NEA and Y Combinator. Founded just five years ago by Victor Cardenas and Kevin Bai, who started the venture at the age of 19, Slash has evolved significantly since its inception. Initially aimed at providing services for sneaker resellers, the company faced challenges when its primary customer, Yeezy, encountered controversies linked to its founder, Kanye West. This prompted a strategic pivot, allowing Slash to diversify its offerings beyond a single industry focus. Currently, Slash operates as a generalist fintech, catering to a wide array of businesses and boasting a substantial annualized revenue of $300 million, all while maintaining profitability. The company proudly serves around 5,000 clients. Despite impressive growth, Slash finds itself in a competitive market, contending with established firms such as Ramp, valued at $32 billion, and Brex, which was recently acquired by Capital One.