Slash, the youth-founded Ramp competition, raises $100M for a $1.4B valuation

Slash Financialwhich offers business bank accounts, corporate credit cards, transfers, and crypto, has raised a $100 million Series C round valued at $1.4 billion from a group of A-list investors, the company announced.

Fintech-focused Ribbit Capital, Khosla, and Goodwater Capital led the round. Investors NEA and Y Combinator also invested.

Slash was founded five years ago by CEO Victor Cardenas and CTO Kevin Bai, both 19 years old at the time, and now 24. Bloomberg reports. He dropped out of college to create a fintech company focused on shoe retailers. When the startup’s biggest client, Yeezy, faced a backlash after founder Kanye West made an anti-Semitic slur, he looked to a few labels.

Now, the startup has become more stable, not looking at any companies, Cardenas he explained in his blog post about the upgrade. He said the company is generating $300 million in annual revenue, profits, and claims 5,000 companies as customers. Even with this number, Slash has a lot of competition, including $32 billion worth of Ramp and Brex, which was recently was bought by Capital One.