The founders of Slash, a financial services startup originally launched by teenagers, have raised $100 million in new funding. The round values the company at $1.4 billion. The announcement comes five years after the company began operations, with the founders now 24 years old.
According to a company statement, Slash has reached $300 million in annualized revenue. The startup competes directly with Ramp, another corporate card and expense management provider. Both companies focus on helping businesses control spending and streamline expense tracking.
Slash was founded in 2021 by Noah Abrams, Ethan Chen, and Lila Park, all of whom were still in high school at the time. The trio identified a gap in the market for transparent corporate spending solutions aimed at mid-sized businesses. Their approach combined software with physical cards, allowing companies to set spending limits and monitor transactions in real time.
The new funding round was led by Sequoia Capital, with participation from existing investors Index Ventures and Ribbit Capital. The company plans to use the capital to expand its product offerings and hire additional staff across engineering and customer support teams.
Slash’s growth trajectory has accelerated in the past two years, driven by increased demand for digital-first expense management tools. The company now serves more than 5,000 businesses, up from 1,200 in early 2023.
Source: techcrunch.com