Slash, Ramp’s teen-founded competitor, raises $100 million at a $1.4 billion valuation

Financial coinsThe company, which offers business bank accounts, corporate credit cards, remittances and cryptocurrencies, announced it has raised a $100 million Series C round at a $1.4 billion valuation from a crowd of A-list investors.

Ribbit Capital, Khosla and Goodwater Capital led the fintech-focused round. Returning investors NEA and Y Combinator also invested.

Slash was founded about five years ago by CEO Victor Cardenas and CTO Kevin Pai, both 19 at the time, who are now 24. Bloomberg reports. They dropped out of college to build a fintech company focused on sneaker sellers. When the startup’s main client, Yeezy, ran into trouble after its founder Kanye West made anti-Semitic remarks, they pivoted to focus on a few verticals.

Now, the startup is public, and it’s not targeting any one industry, which is Cardenas’ He narrated it in his blog post About the increase. He said the company profitably generates $300 million in annual revenue and claims 5,000 companies as clients. Even with these growth numbers, Slash has a lot of competition, including… $32 billion valuation slope And BRICS, which was recently Acquired by Capital One.