US business banking start-up Slash has raised $41 million in Series B funding at a new company valuation of $370 million.
Goodwater Capital led the round, which also featured support from existing investors New Enterprise Associates (NEA), Menlo Ventures and Y Combinator. Goodwater Capital partner Hatim Khety will now join the Slash board.
The Series B, which also attracted angel investors from DoNotPay, Wander and Bridge, builds on the $19 million Slash raised in Series A and seed funding two years ago to supercharge its launch.
Founded by CEO Victor Cardenas Codriansky and CTO Kevin Bai, Slash is a business banking platform designed specifically for online business owners. The platform features checking accounts, automated accounting services, virtual and physical cards and tools for sending out wire and ACH transfers, all hosted through the Slash mobile app.
Initially devised to provide banking services for people reselling trainers online, Slash has expanded its focus since launch across a number of specific industry verticals, most notably including crypto companies, marketing agencies and building systems technicians.
The San Francisco-based fintech, which currently serves around 2,000 businesses in the US while powering over $3 billion in card purchases annually, will use its latest funds to further develop its platform “around the unique needs of each industry”, according to a LinkedIn post by the company.
The fintech is also looking to expand its team, with Codriansky releasing a call on LinkedIn this week for a new data engineer to “help shape the internal analytics stack that keeps our team fast and informed”.
Source: https://www.fintechfutures.com/
