Slash Raises $41m Series B Led by Goodwater Capital

Slash raises $41m at a $370m valuation from Goodwater Capital, NEA, and Menlo Ventures to build better, industry-focused banking for businesses, bringing the total raised to $60m.

14 months ago, we pivoted from serving sole proprietors to serving larger businesses and solving their deepest, vertical specific financial needs.

We’ve since become one of the fastest growing corporate cards* — loved by affiliates, agencies, crypto companies, contractors, and others; and surpassed $3B in annualized card spend at record speed.

Our Insight

Our insight at Slash has three parts:

1. The first: that entrepreneurs and finance teams spend too much time doing financial busywork.
2. The second: that a lot of financial busywork is very industry specific.
3. The third: that we can eliminate this busywork by leveraging the read and write access we have to our customers’ money, transaction data, and corporate cards to build workflow software integrated with your bank account – something “standalone” software companies can’t do.

In essence, we believe most banking products in the market today are too “cookie cutter” and don’t do enough to solve their customers’ problems.

Legacy banks compete exclusively on the basis of high yields, rewards, and relationships.

Other fintechs go further, and couple their banking + card products with bill pay, invoicing and expense management solutions. Their products, however, are industry agnostic: they’re the same for restaurants, construction companies, property managers, e-commerce brands, and crypto companies - even though the underlying needs of each vary wildly.

Slash goes one step further. In addition to bundling our corporate card and bank account* with financial software proven to save every business time, we build apps that tackle their deepest industry specific needs.

What’s next

Our plan is to become the largest commercial card in America by building apps that automate vertical “financial busywork” for dozens of categories that collectively represent a sizable chunk of US GDP.

If building a generational financial services business sounds exciting to you, we are looking for exceptional individuals — elite engineers, seasoned operators, and former founders — to join us. Reach out: hiring@slash.com.

*Slash Financial, Inc. is a financial technology company and is not a bank. The Slash Platinum Card is a Visa® charge card issued by Column N.A., pursuant to a license from Visa U.S.A. Deposit accounts and banking services provided by Column N.A..

*Slash Financial, Inc. is a financial technology company and is not a bank. Deposit accounts provided by Column National Association, Member FDIC. The Slash Platinum Card is a Visa® charge card issued by Column National Association, pursuant to a license from Visa U.S.A. Approval is subject to eligibility. Payment of account balance is due in full daily. Monthly membership fees may apply. Card purchases may be eligible for cashback, see https://www.joinslash.com/legal/cashback-terms for more information.