Slash processes over $1 billion in stablecoin payments annually for over 5,000 companies, turns cryptocurrencies into back-office banking rails, and raised $100 million at a $1.4 billion valuation.
Slash Financial, a business banking platform built for online-first businesses, has secured $100 million in Series C funding at a valuation of about $1.4 billion, as stablecoin payments quietly become core to B2B rather than a side experiment. The round was led by Ribbit Capital, with participation from Khosla Ventures and Goodwater Capital, with existing backers New Enterprise Associates and Y Combinator also participating in what Slash said was their fourth investment in the company.
In the company’s blog announcing the partnership, Slash CEO Victor Cardenas said the team is “building the world’s most powerful business banking platform,” positioning the product as a “financial command center” where businesses can manage bank accounts, cards, payments, and crypto rails from one dashboard. Slash says the company currently serves “more than 5,000” business customers, ranging from startups to large online sellers, and offers features such as multicurrency accounts, virtual cards, expense management, and real-time local payments.
Stablecoins are at the heart of that stack. Slash revealed in March that it was already moving more than $1 billion in annual stablecoin trading volume through its platform, just nine months after the company started supporting stablecoins. $USDC and $USDTWe have set an ambitious goal of reaching $1 trillion in cumulative stablecoin payments by 2030. The company’s “stablecoin payments” product allows clients to send and receive money. $USDC and $USDT It can be accessed directly from Slash business accounts with “no need for cryptocurrency wallets, exchange accounts, or holding funds in stablecoins,” effectively abstracting blockchain in favor of a familiar financial interface.
Slash’s latest round highlights a broader trend of value created by stablecoins moving away from consumer-facing DeFi and into treasury, payments, and cross-border payments rails. As a recent crypto.news article on stablecoin infrastructure pointed out, fintechs are increasingly relying on stablecoins to settle transactions more quickly, using intermediaries like Transak, Circle, and banking partners to fill the gap while leaving end users with traditional cash balances.
That logic is attracting major acquirers. In 2025, Ripple agreed to acquire Toronto-based stablecoin payments company Rail for $200 million, claiming that “stablecoin payments are becoming the backbone of cross-border treasury and merchant payments,” and promising business customers to “deposit and pay across major corridors without holding cryptocurrencies on their balance sheets.” More recently, Layer 2 project Morph partnered with custodian Cobo to “power institutional stablecoin flows” through its Payment Accelerator program, also targeting treasury desks and payroll teams rather than retail traders.
Slash initially launched as a niche vertical banking product before pivoting to broader business banking, but now finds itself competing with incumbents like Ramp and Brex, as well as crypto-native payment stacks with stablecoins embedded beneath the surface. For investors like Mr. Rivitt and Mr. Khosla, the $100 million bet is that the tedium of transferring dollars and stablecoins through corporate back offices has more durable economics than the speculative pursuit of yield, and the platform is quietly tucking in billions of dollars. $USDC and $USDT You will own the cryptocurrency-powered payments infrastructure for the next 10 years.
Additionally, Stablecoin Payments Rail includes a discussion of what infrastructure companies are using to add stablecoin payments, a report on Morph’s institutional stablecoins and Cobo flows, and news of Ripple’s $200 million acquisition of stablecoin payments platform Rail.
