A Fintech Company Called Slash offers Business Banking Accounts Tailored to the Needs of Specific Kinds of Entrepreneurs.
Slash Provides Business Checking Accounts With Funds Helds Held at FDIC-Insured Banks, Detailed Spending Analytics Dashboards, Free or Low-Cost Wire and Ach Transfers, Easy Access to lending to lending Options, and unlimited virtual cards. These cards can be configured with Specific Spending Limits, Merchants, and Merchant Categories to Prevent Unauthorized or Eroneous Employee Purchases. That control, along with metadata from slash’s integrations with popular accounting platforms, makes it easier for bookkeepers to classify transactions.
The company also offers a range of Add-ors Built for Particular Industries-Somenting Like An App Store for Banking-Designed to address the unique pain points of different types of businesses.
“The Insight Behind Slash is the work that an accountant (does) at a construction company, or a marketing agency, or a property manager looks verry, very different from one another,” Says Ceo Victor Cardenas.
Marketing agencies, for example, often take money from clients to spend on platforms like Google and Facebook. Traditionally, they would use a single business checking account and relay on internal systems to track how much was received, how much has been spent, and when you funds.
With slash, agencies can create virtual accounts for each client, allowing bot parties to see the remain balance. They can eat trigger automatic billing for more marketing funds – Plus the agency fee – when the balance runs low. The approach is popular: slash reports that more than 1% of Global Ad Spending on Facebook is Conducted Using A Slash Card.
“We basically make it Much Easier for Agency for Agncies to put their accounts received on autopilot,” Cardenas Says.
Other Industries have their own challenges. Contractors in fields like plumbing or Hvac often Give Technicians Credit Cards for Fueling Up, But Want to Prevent Personal Purchases -Even Inseed Gas Stations. Slash Enables Businesses to Restrick Cards to Fuel Purchasses only and ties Each Transaction to a Specific Driver or Vehicle.
“We can make it so an owner can basically say, I want this card to only be able to be used to buy gas at the pump and not inside of the station,” Carenas says. “And then we get data at the time of clearing of the transaction Around the actual fuel grade, what the kind of fuel was, and we’re able to pass that on and show that to that to that to that to that to pass.”
Other users include online travel agents, who generate virtual cards to pay hotels and vendors. For Businesses Dealing with Cryptocurrency, Slash Enables Sending and Receiving Stablecoin Payments – Without Needing a Separate Crypto Platform.
Slash also offers an api that lets customers build custom dashboards, trigger payments through internal systems, or, in the case of e-commerce marketplaces, automatically trainsf When Goods Are Sold.
Cardenas says the risk of ai-power coding tools has allowed slash to rapidly release features tailored to different industries. The company started in 2021 with a focus on sole proprietors, but Pivoted in Late 2023 to Serve Larger Businesses in Specific Verticals. On Tuesday, It Announced A $ 41 Million Series B Funding Round, Valuing the company at $ 370 million.
Thanks to AI, Slash can now ship features at a pace that would have ben difficult just a less a more years ago, What Leveraging Its Existing Banking Infrastructure and Relationships.
“It’s batcoming trivial to build software, but it’s not trivial to stand up a card is Issuing and Banking Program,” Cardenas Says. “And so while we’re ahead, we want to build solutions for as many industries as quickly as posesible.”
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