Slash hits $1.4B as stablecoin payments move into boring B2B banking

Slash raised $100M at a $1.4B valuation as it processes over $1B in annualized stablecoin payments for 5,000+ businesses, turning crypto into back‑office banking rails.

Slash’s $100M round and stablecoin push

Slash Financial, a business banking platform built for online‑first companies, has secured $100 million in Series C funding at a roughly $1.4 billion valuation as stablecoin payments quietly become core B2B 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 for what Slash said is 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 companies manage bank accounts, cards, payouts and crypto rails from one dashboard. Slash says it now serves “more than 5,000” corporate clients ranging from startups to larger online merchants, offering features such as multi‑currency accounts, virtual cards, expense management and real‑time local payments.

Stablecoins have become a centerpiece of that stack. Slash disclosed in March that businesses are already moving more than $1 billion in annualized stablecoin volume through the platform, just nine months after it switched on support for $USDC and $USDT, and set an ambitious goal of reaching $1 trillion in cumulative stablecoin payments before 2030. Its “stablecoin payments” product lets clients send and receive $USDC and $USDT directly from a Slash business account “with no crypto wallets, no exchange accounts, no need to hold funds in stablecoins,” effectively abstracting blockchain away in favor of a familiar treasury interface.

Boring rails are where the crypto money is

Slash’s latest round underscores a broader trend in which the value created by stablecoins migrates into rails for treasury, payouts and cross‑border settlement rather than consumer‑facing DeFi. As a recent crypto.news story on stablecoin infrastructure noted, fintechs increasingly lean on stablecoins to settle transactions faster while leaving end‑users in traditional cash balances, using intermediaries like Transak, Circle or banking partners to bridge the gap.

That logic is attracting big acquirers. In 2025, Ripple agreed to buy Toronto‑based stablecoin payments firm Rail for $200 million, arguing that “stablecoin payments are becoming the backbone of cross‑border treasury and merchant settlement” and promising corporate clients “pay‑ins and pay‑outs across key corridors without holding crypto on balance sheet.” More recently, layer‑2 project Morph partnered with custody firm Cobo to “supercharge institutional stablecoin flows” via a Payment Accelerator program, again targeting treasury desks and payroll teams rather than retail traders.

Slash, which originally launched as a niche vertical banking product before pivoting into broader business banking, now finds itself competing with incumbents like Ramp and Brex as well as crypto‑native payment stacks that embed stablecoins beneath the surface. For investors like Ribbit and Khosla, the $100 million bet is that the dull work of wiring dollars and stablecoins through corporate back offices will capture more durable economics than speculative yield farming — and that platforms quietly pushing billions of dollars in $USDC and $USDT volume will own the next decade of crypto‑powered payments infrastructure.

In additionl, stablecoin payment rails includes an explainer on what infrastructure companies use to add stablecoin payments, a report on Morph’s institutional stablecoin flows with Cobo, and news of Ripple’s acquisition of stablecoin payment platform Rail for $200 million.