Slash, a neobank serving Gen-Zers, emerged from stealth with the announcement of a USD 19 million seed and Series A funding round. The rounds were led by NEA with participation from Menlo Ventures, Connect Ventures, Y Combinator, and Soma Capital, among others.
The company aims to use the fresh funds to expand its operations and business reach.
Formed in 2020, Slash initially offered a platform that lets users create shareable virtual cards to split recurring expenses. It is now partnered with Piermont Bank to provide young entrepreneurs (over the age of 13) operating ecommerce businesses with FDIC-insured bank accounts. Customers can set up both a personal and a business account, manage both from the same dashboard, and transfer money between the two.
As of May, Slash has 20,000+ customers.
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