Total amount raised
$19 Millions
Latest funding date
05/01/2023
Location
Slash has successfully raised $19 million in a Series A funding round, with additional undisclosed amounts from a Seed round. The platform offers modern banking solutions tailored for high-spend businesses, including flexible deposit accounts and virtual cards.
Keep reading to explore the intricacies of Slash's fundraising journey and the investors backing this innovative platform.
What Is Slash?
Slash, founded in 2020 by Kevin Bai and Victor Cardenas, is a financial technology company based in San Francisco, California. The company operates within the banking, financial services, and payments industries.
With an employee count ranging from 11 to 50, Slash offers a variety of services including deposits, payments, virtual cards, and expense tracking. The platform is designed to cater to high-spend businesses and entrepreneurs, providing flexible deposit accounts, corporate credit cards, and detailed financial insights.
How Much Funding Has Slash Raised?
- Pre-Seed Round
- Amount Raised: Not publicly disclosed
- Date: August 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's initial operations and product development.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 2023
- Lead Investors: Azure Ventures Group, Rick Yang
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and market expansion.
- Series A Round
- Amount Raised: $19,000,000
- Date: May 2023
- Lead Investors: Global Founders Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and business reach.
Total Amount Raised: $19,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Rick Yang
- Details: Rick Yang is a General Partner at NEA, focusing on investments in technology and fintech. He has been instrumental in leading several high-profile investments in the fintech sector.
- Investment Focus Areas: Technology, fintech, healthcare
- Notable Investments: Coursera, Duolingo, Robinhood
- NEA (New Enterprise Associates)
- Details: NEA is one of the world's largest venture capital firms, with a focus on helping entrepreneurs build transformational businesses across multiple sectors. The firm has a long history of successful investments in both early and growth-stage companies.
- Investment Focus Areas: Technology, healthcare, consumer
- Notable Investments: Coursera, Duolingo, Robinhood
- Menlo Ventures
- Details: Menlo Ventures is a venture capital firm that provides capital for seed through growth technology companies in the consumer and enterprise sectors. The firm has been investing for over four decades.
- Investment Focus Areas: Consumer, enterprise, life sciences
- Notable Investments: Uber, Roku, Warby Parker
- Connect Ventures
- Details: Connect Ventures is a venture capital firm that specializes in seed-stage investments in technology companies. The firm is known for its hands-on approach and strong network in the tech industry.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: Citymapper, Typeform, Curve
- Y Combinator
- Details: Y Combinator is a startup accelerator that has funded over 2,000 startups since its inception. The program provides seed funding, advice, and connections to help startups grow.
- Investment Focus Areas: Early-stage startups across various sectors
- Notable Investments: Airbnb, Dropbox, Stripe
What's Next for Slash?
Slash is poised to capitalize on the burgeoning "hustle" economy, offering a comprehensive banking platform tailored for young entrepreneurs. With features like personal and business account management, invoicing, and tax management, the company is well-positioned to expand its user base beyond the current 20,000 entrepreneurs.
Future fundraising opportunities seem promising, given the successful Seed and Series A rounds. As Slash continues to grow, additional funding rounds could support further expansion and the introduction of new features. However, the company may face challenges such as competition from other online banking platforms and ensuring data security.
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