Slash has raised $100 million at a $1.4 billion valuation as it processes over $1 billion in annual stablecoin payments for over 5,000 companies, turning cryptocurrencies into back-office banking pipelines.
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- Enterprise banking platform Slash has raised $100 million in a Series C round led by Ribbit Capital, raising its valuation to about $1.4 billion and bringing total funding to more than $160 million.
- The San Francisco-based company now serves more than 5,000 enterprise clients with a package that includes stablecoin payments, corporate and virtual accounts, expense management and real-time payments, and says annual stablecoin volume has already surpassed $1 billion less than a year after launch.
- Slash plans to use the fresh capital to double down on its efforts to pitch the “bank account as financial leadership hub,” aiming directly at the same treasury and payment paths that have attracted players like Ripple, which has agreed to acquire stablecoin payments platform Rail for $200 million in 2025.
Slash Financial, a business banking platform designed for online-first businesses, has secured $100 million in Series C funding at a valuation of roughly $1.4 billion, as stablecoin payments have quietly become B2B core plumbing rather than a side experiment. The round was led by Ribbit Capital with participation from Khosla Ventures and Goodwater Capital, while existing backers New Enterprise Associates and Y Combinator joined in what Slash said was their fourth investment in the company.
In a company blog announcing the deal, Slash CEO Victor Cardenas wrote that the team is “building the world’s most powerful business banking platform,” positioning the product as a “financial command center” that lets businesses manage bank accounts, cards, payments, and crypto bars from a single dashboard. Slash says it now serves “more than 5,000” business customers from startups to larger online merchants, offering features like multi-currency accounts, virtual cards, expense management and real-time local payments.
Stablecoins have become the centerpiece of that stack. Slash revealed in March that companies were already moving more than $1 billion in annual stablecoin volume through the platform, after just nine months of running support for USDC and USDT, setting an ambitious goal of reaching $1 trillion in cumulative stablecoin payments before 2030. The “stablecoin payments” product allows customers to send and receive USDC and USDT directly from a Slash trading account “no crypto wallets, no exchange accounts, and no need to hold funds in stablecoins.” Effectively abstracting the blockchain in favor of the familiar vault interface.
Slash’s latest round underscores the broader trend in which the value created by stablecoins is moving into cross-border treasury, payments and settlement paths rather than consumer-facing decentralized finance. Like a recent news story about a stablecoin Infrastructure As we’ve noted, fintech companies are increasingly relying on stablecoins to settle transactions faster while leaving end users with traditional cash balances, using intermediaries like Transak, Circle, or banking partners to fill the gap.
This logic attracts large acquirers. In 2025, Ripple agreed to buy Toronto-based stablecoin payments company Rail for $200 million, arguing that “stablecoin payments have become the backbone of cross-border treasury and trade settlements” and promising corporate clients “to make and pay across major corridors without holding cryptocurrencies on the balance sheet.” Recently, Layer 2 project Morph teamed up with custodian Cobo to “increase institutional stablecoin flows” through a payment accelerator program, again targeting treasury desks and payroll teams rather than retailers.
Slash, which originally launched as a niche vertical banking product before pivoting to broader merchant banking, now finds itself competing with incumbents like Ramp and Brex as well as native crypto payment pools that include stablecoins beneath the surface. For investors like Ribbit and Khosla, the $100 million bet is that the tedious work of funneling dollars and stablecoins through corporate back offices will capture the more durable economics of farming speculative proceeds — and that platforms quietly pushing out billions of dollars in USDC and USDT volume will own the next decade of crypto-powered payments infrastructure.
Additionally, stablecoin payment paths include an explanation of what it is Infrastructure Businesses use to add stablecoin payments, Morph Enterprises reports Stable coin Streams with Cobo, and news of Ripple’s acquisition of stablecoin payments platform Railways: $200 million
