Slash hits $300M revenue with 70 employees, launches AI agent 'Twin' and eyes global expansion via stablecoins

Speaker 1: I take it back. I did have one more question. Yeah. It's too late. The question was gonna be around payments.

Speaker 2: Oh, yeah.

Speaker 1: Like, would they this feels like something they would build in Yeah. Helping you bring your product to the App Store. Yeah. App Store now has more flexibility around payments. But I'll save that one

Speaker 2: For the next time.

Speaker 1: For the next appearance.

Speaker 2: Well, let's bring in Victor from Slash. He's the co founder and CEO. Victor, how are you doing? What's going on?

Speaker 15: I'm doing great. Thanks for having me on. Long time watcher of the show. First time being here.

Speaker 1: So I know. Long overdue.

Speaker 2: Long overdue.

Speaker 1: You guys have been probably a 100 x'd since we started the show. Yeah.

Speaker 12: That's good.

Speaker 1: So better better late than ever.

Speaker 2: But for those who already know, introduce yourself and the company first and then we'll get into questions.

Speaker 15: Of course. I'm the founder and CEO of Slash. Slash is one of the fastest, if not the fastest growing business banking platforms in America.

Speaker 8: K.

Speaker 15: Over 5,000 businesses spend nearly $10,000,000,000 a year on our corporate cards.

Speaker 2: Yeah.

Speaker 15: And the reason all these business owners are coming to Slash is quite simple. We live in an age where you can talk to machines, where cars can drive themselves, but the vast majority of entrepreneurs in America are still banking with an institution that has an interface that was last updated in the year 2003. So core to the slash thesis is this idea that your bank can do so much more for you than just let you hold and send your money. It could be the place where you invoice your customers, where you reimburse your employees for out of pocket expenses, where you figure out how to just run a much more efficient operation. And we have ambitions to be this generation's JPMorgan, and we're gonna do it by building the most powerful platform imaginable. And, John, I'm not sure you remember, but we met one time.

Speaker 2: Oh, really? Cool. Yeah.

Speaker 15: It's like a roundup or somewhere like that.

Speaker 2: Very cool. It'll be a So, yeah, what is the go to market strategy? Obviously, it's a crowded space. Do you wanna go bottoms up, top down, startups, enterprises, somewhere in between SMBs, Silicon Valley darlings, or Main Street everyday companies?

Speaker 15: Totally. I would say a a very underappreciated fact is that fintech is very under penetrated in The US. The vast majority of businesses in The US still bank and spend with a legacy financial institution. Less than 5% of American businesses work with a fintech company like Slash or others. And so there's a lot of market up for grabs. Mhmm. The crux of a Slash thesis is that business owners deserve banking products hyper tailored to the needs of their specific industries. So I would say we work with companies that have, you know, a very small amount of employees. We work with very large companies, but usually it's very sector focused. So we figure out how do we deliver a ton of value for a business in one segment, and we really tune out the the rest of the markets.

Speaker 2: And in terms of actually getting those customers on the platform, is it some sort of, like, magical demo that is AI enhanced that wows them? Or is it, you know, just just gumshoe getting to know folks and reassuring them that this will be, you know, just a reliable banking platform for them?

Speaker 15: Yeah. I mean, banking is a very relationships driven industry. All else being equal Yeah. People prefer to bank and spend with an institution that have a great relationship with. Yeah. And so the crux of our go to market is is depends on building amazing referral flywheels. So part of part part of this vertical by vertical strategy exists because we have a phenomenal product that works on a vertical by vertical basis, but also because once we penetrate and acquire a few customers in one particular sector, willingness to refer is quite high because we deliver very strongly on customer support and and on just going above and beyond.

Speaker 2: Yeah. How are you thinking about integrating AI tools, AI agents, AI chief of staff, anything that can help a business owner understand their spend, understand their business, actually manage their finances better?

Speaker 15: Absolutely. The future of software, generally speaking, is moving away from click and drag UI and towards just textual interfaces, natural language. Right now today, we actually announced our our AI agent. It's called Twin, and it allows you to take every single action you can take from within the slash dashboard Yeah. But in natural language. So that's where everything's going. That's where all software is going, and we decided to practically take that step today. That's number one.

Speaker 8: And then number

Speaker 1: two Gen z name for an agent ever. Twin. I love it. Twin. That's my twin. That's my twin. That's twin. It's twin. Underused.

Speaker 2: Yeah. And the really cool thing actually were a thing. Yeah.

Speaker 15: Yeah. Is it can buy is it can buy things on your behalf because we're the issuer

Speaker 2: Okay.

Speaker 8: Of the

Speaker 15: card you used to place all your expenses. Your employees can actually go out and tell, hey, Twin. You know, make this DoorDash order for me. Place this order on Instacart. And I think that's a super, super powerful thing, an agent that can actually go out and make purchase on the Internet on your behalf.

Speaker 1: You just raised a bunch of money. What is VC sentiment around fintech right now? I know you guys have stablecoin functionality. I'm sure that that that was interesting. And at scale, like, you have a bunch of real, really, really positive metrics that you can lean on, but I'm curious what, what what overall sentiment was, from the investor base.

Speaker 15: I think there were two things that that investors found quite compelling about Slash. The first is that we're a very revenue efficient company that our business approaching $300,000,000 in annual revenue. We have a team of just around 70 people. So our business has over $4,000,000 in revenue per employee. And the reason, thank you, we've been able to do that is because so many of these processes that legacy banks and the fintechs that came before us throw a lot of headcount at, processing disputes, parsing documents when somebody applies for an application, submitting a SAR filing to to to to regulators, we've agents automated away. So slash is leanness and this differentiating differentiation of we're building this back end AI operating system was super attractive to investors. And then the other thing that's super interesting to investors is we're living in a super interesting time in fintech history where for the first time ever, an American fintech company can serve businesses all over the world. It used to be the case that if you were a fintech company and you wanted to expand internationally, you had to get license on a jurisdiction by jurisdiction basis. But now stablecoins are this enabling force that allows you to deliver USD banking products to businesses all over the world. So a lot of this funding is gonna go towards making Slash this global product and bringing the caliber of product we've given to to to American entrepreneurs, but to business owners all over the world as well.

Speaker 2: Amazing. Well, congrats on all the progress.

Speaker 1: And Yeah. Great to finally meet.