Slash Financial hits $300 million annualized revenue, raises $100 million at $1.4 billion valuation

Slash Financial has turned a narrow bet on business banking into a headline-grabbing valuation. The San Francisco startup said it reached $300 million in annualized revenue and closed a $100 million Series C at a $1.4 billion valuation, giving it unicorn status and pushing total capital raised past $160 million.

The new round was led by Ribbit Capital, with Khosla Ventures and Goodwater Capital co-leading. New Enterprise Associates and Y Combinator also participated. Slash said the financing came 16 months after its Series B, when it raised $41 million at a $370 million valuation, a jump that shows how aggressively investors are still pricing growth in fintech even as the category has matured.

Founded in 2020 by Kevin Bai and Victor Cardenas, Slash now says it serves more than 5,000 businesses and has about 70 employees in San Francisco. Its product set includes business banking accounts, corporate credit cards, transfers, treasury, working capital, crypto and global payments, with up to 2% cashback on corporate cards and up to 3.82% yield on checking and treasury accounts for Pro users.

The company’s ascent has been unusually fast. Cardenas said Slash went from $10 million to $250 million in annualized revenue in 24 months, and the company said in November 2025 that it had crossed $150 million in annual revenue. Forbes also listed Slash on its 2026 30 Under 30 Finance list, saying it had about 2,500 customers and processed $6 billion in annualized transactions, up from $1.2 billion a year earlier.

That momentum helps explain why investors are backing a company that still looks more specialized than better-known horizontal platforms such as Ramp and Brex. Slash is explicitly vertical, pitching itself to businesses that want financial tools built around their own industries rather than a broad corporate spend stack. Earlier reporting showed how sharply that focus shifted: the company began with sneaker resellers, then lost 80% of revenue almost overnight after Adidas severed ties with Kanye West, before pivoting toward performance marketing agencies, crypto firms and HVAC operators.

The result is a cleaner story for 2026 fintech: customers want less complexity, and investors are rewarding startups that can package banking, cards and payments into a tighter operating system for a specific type of business. Slash’s valuation suggests the market is still willing to pay up for that model, especially when revenue growth is rapid and transaction volume is climbing just as fast.