Slash raises $100M at $1.4B valuation to expand AI-driven banking platform
Slash Financial closed a Series C funding round of $100 million on a $1.4 billion valuation, marking the online business banking startup's first unicorn milestone. The company plans to use the capital for product development and expanding its AI-powered back office tools.
Founded in 2020, Slash operates a software layer on top of banking infrastructure rather than functioning as a bank itself. The platform combines FDIC-insured business checking, corporate cards with uncapped cash-back, expense management, treasury services, global payments, invoicing, and working capital tools into one interface.
The company has built vertical-specific features for affiliate marketers, e-commerce operators, agencies, healthcare providers, contractors, wholesalers, online travel agencies, and Web3 firms. Slash now serves more than 5,000 businesses, including voice AI startup Bland Inc., accounting software firm Entry Inc., and gaming company Triumph Labs Inc.
Growth trajectory and product direction
Slash surpassed $1 billion in annualized card volume in 2024, then reached $3 billion in 2025. The company pivoted from serving sneaker resellers to focus on business banking after its initial launch.
CEO Victor Cardenas said the platform will function as an autonomous finance function by year-end. "Every waking second of a business owner's time should be spent on the needle-moving parts of their business: not their finances, not accounting busywork," he wrote in a blog post.
The workflow automation and AI-driven features position Slash alongside competitors like Mercury Technologies and Ramp Business Corp., which also target specific business verticals.
Funding details
Ribbit Capital, Khosla Ventures, and Goodwater Capital LP led the round. New Enterprise Associates and Y Combinator also participated.
For product development professionals, understanding how Slash structures its AI capabilities offers insights into building industry-specific financial tools. Learn more about AI for Product Development and AI Agents & Automation to deepen your expertise in these areas.
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