Business banking startup Slash has raised $41 million in fresh funding, pushing its valuation to $370 million as it accelerates plans to disrupt traditional business banking with a vertical-specific approach. The round saw participation from Goodwater Partners, NEA, and Menlo Ventures, following a $19 million Series A last year.
Originally serving sneaker resellers, Slash faced a dramatic downturn when its client base was hit by the fallout from Kanye West’s split with Adidas. According to co-founder Victor Cardenas, the incident triggered an 80% drop in revenue, forcing the company to pivot. In response, Slash set its sights on larger businesses with deep, industry-specific needs—starting with e-commerce marketers and later expanding to crypto companies.
Unlike horizontal fintech platforms like Mercury or Ramp, Slash is building tailored banking services for distinct business verticals. The startup’s offerings are designed to handle the nuanced requirements of each industry, such as toggling between fiat and crypto for crypto businesses or custom payment solutions for online marketers.
Cardenas says most current banking platforms are too “cookie cutter,” offering generic features that don’t fully address specific business challenges. With this new funding, Slash plans to scale its verticalized model by developing custom apps for categories like online travel and property management, with the ultimate aim of becoming the largest commercial card provider in the U.S.