Slash has raised USD $100 million in a Series C round at a USD $1.4 billion valuation, bringing the financial technology company's total funding to USD $160 million.
Ribbit Capital led the round, with Goodwater Capital and Khosla Ventures as co-leads. Existing backers NEA and YC also participated, marking a fourth investment in Slash by both firms.
The new funding follows a period of rapid growth for Slash's business finance platform, which combines banking, payments and software tools for companies. The company now serves more than 5,000 businesses across sectors, including technology, gaming, HVAC, eCommerce and smaller local firms.
Named customers include Bland, DualEntry, Triumph, Nectar and Hike Footwear. Slash's platform is designed to combine spending controls, payment acceptance, invoicing, accounting automation and real-time financial visibility in a single system.
It also disclosed updated operating figures, saying it is processing USD $300 billion in annualised payment volume, generating USD $300 million in annual revenue, has posted three quarters of GAAP profitability and is growing at three times the level of a year earlier.
Growth shift
Slash said its business changed course after initially finding product-market fit in the sneaker resale market. That early momentum helped it scale to USD $5 million in annual recurring revenue and raise its Series A before a market downturn forced a broader rethink of its target customers and product strategy.
The founders then shifted their focus to a broader business banking offering, building features for different types of companies, including virtual accounts for marketing agencies and stablecoin payment tools for wholesalers.
That push appears to have widened its market. After spending much of its history focused on a limited number of verticals, Slash said it reached a point in 2025 where its products had become useful across industries.
In the first quarter of 2026, total purchase volume and revenue both rose faster quarter-on-quarter than in the same period of 2025, despite a larger base. The company attributed that performance to a faster product release cycle over the past year.
Slash said it launched more than 100 features in the last 12 months, including a new mobile app, a product for non-US businesses called Global USD, expense management and reimbursements, accounting automation, invoicing and a real-time payments API.
Investor view
The round brings in Ribbit Capital as a new lead investor. Micky Malka, Founder of Ribbit Capital, said the firm was drawn to the company's pace of operations and staffing efficiency.
"What drew us to Slash was the speed and conviction we saw from Victor, Kevin and the team. The ratio of output to headcount is something we're only starting to see from the best AI-native companies. They're building the bank of the future, where agents handle the processes that used to require entire departments. We couldn't be more excited to partner with them," Malka said.
Goodwater Capital, which led Slash's Series B 16 months earlier, increased its backing in the new round. Eric Kim, Co-Founder and Managing Partner of Goodwater Capital, linked the company's growth to changing needs among smaller businesses and sole traders.
"AI is enabling a new generation of SMBs and solo entrepreneurs to operate at unprecedented scale. That shift demands a modern financial stack built for how they actually work. Slash is building the Financial Operating System to meet this unique moment, bringing banking, payments, and software into a single platform. We're excited to co-lead their Series C," Kim said.
Founding story
Slash was started by Victor and Kevin during the pandemic, when they began exploring ideas for a business finance product. The company said its current Head of Customer Success, Brenden Truong, played an important role in helping it understand the sneaker resale market where it first gained traction.
That early niche ultimately proved too narrow, according to the company. After the market collapsed, Slash repositioned itself around a broader offering for businesses that need a bank account and related financial tools tailored to different operating models.
The latest fundraising suggests investors believe that strategy is gaining traction at scale. Slash said it plans to use the new capital to continue developing its product and expand the value it offers customers, citing its current run rate, profitability record, and payment volumes as signs of momentum.
It added that it will ship products "an order of magnitude faster" in early 2026 than in 2025.