Business banking FinTech Slash, which offers industry-specific financial solutions, has raised $41m in fresh funding to accelerate its mission to transform the one-size-fits-all approach in business banking.
According to Finextra, the investment round brings the company’s valuation to $370m. Backers in this latest round include Goodwater Partners, NEA, and Menlo Ventures. This follows Slash’s $19m Series A round in 2023.
Founded with an initial focus on sneaker resellers, Slash has evolved into a vertical banking platform serving a range of industries with customised financial tools. The company differentiates itself by designing banking products tailored to specific sectors rather than using a broad, horizontal approach.
With the new capital, Slash aims to become the largest commercial card provider in the US. It plans to build applications for dozens of industries, including online travel and property management, to meet their unique financial needs.
The shift to a vertical model came after the company was significantly impacted by the fallout from Kanye West’s controversial remarks, which led to Adidas cutting ties with the rapper and caused an 80% revenue drop for Slash, which had heavily served the sneaker reseller segment. In response, the startup pivoted to support larger, more resilient businesses across sectors like marketing and cryptocurrency, the co-founder of Clash Victor Cardenas told Fortune.
Slash co-founder Victor Cardenas explained the company’s thinking: “In essence, we believe most banking products in the market today are too ‘cookie cutter’ and don’t do enough to solve their customers’ problems. Legacy banks compete exclusively on the basis of high yields, rewards, and relationships.
“Other fintechs go further, and couple their banking + card products with bill pay, invoicing and expense management solutions. Their products, however, are industry agnostic: they’re the same for restaurants, construction companies, property managers, e-commerce brands, and crypto companies – even though the underlying needs of each vary wildly.”
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