Slash Financial Raises $100 Million in Series C

San Francisco-based fintech company Slash Financial has raised $100 million in a Series C funding round, achieving a $1.4 billion valuation as it expands its business banking platform for online companies. The investment, announced this week, brings the company's total funding to more than $160 million since its founding in 2020.

The round was led by Ribbit Capital, with participation from Khosla Ventures and Goodwater Capital. Existing investors New Enterprise Associates and Y Combinator also joined, marking their fourth investment in Slash. The capital will support product development, including significant investments in artificial intelligence to automate financial operations for small and midsized businesses.

Founded by Victor Cardenas and Kevin Bai, who dropped out of college at age 19 to start the company, Slash initially targeted sneaker resellers. The business faced a major setback in late 2022 when the Yeezy market collapsed following antisemitic remarks by Kanye West, leading to an 80 percent drop in revenue. Rather than shut down, the duo pivoted to a broader model, developing vertical-specific tools for sectors like e-commerce, affiliate marketing, agencies,...