Online banking start-up Slash launches from stealth with $19m in funding
US-based online banking platform Slash has emerged from stealth with $19 million in seed and Series A funding led by NEA.
Slash co-founders Victor Cardenas and Kevin Bai
The round also saw participation from Menlo Ventures, Connect Ventures, Y Combinator, Soma Capital, Global Founders Capital, along with angel investors from Plaid and Tinder.
The start-up targets young entrepreneurs with side hustles, including teenagers. It offers personal and business banking solutions, allowing entrepreneurs to manage both a personal account and a business account on the same dashboard, with seamless transfer of money between the two.
Victor Cardenas, co-founder of Slash, says young entrepreneurs have been “completely overlooked” by traditional financial institutions as well as “every other” fintech company.
“For people with side hustles, having a dedicated business bank account that is separate from their personal one is helpful. However, constantly sending money between accounts at different banks can be a hassle, and can take up to five business days,” Cardenas adds.
“Our product lets you easily create and manage both a personal and business bank account in one place, making it a great choice for self-employed people.”
Through data encryption and server authentication, Slash protects user data with users needing to be over 13 to sign up. Those under 18 need a legal guardian to set up the account, with guardians having full control over the account.
Slash claims over 20,000 entrepreneurs have signed up to its platform. In the future, it aims to add legal and financial services to its platform to help young entrepreneurs “run all aspects of their business” – including incorporation, invoicing, automated book-keeping and tax management.
