$200M/year Whop of B2B neobanks
Jan-Erik Asplund
TL;DR: Founded in 2020, Slash is a vertical neobank for high-risk SMBs like performance marketing agencies, crypto-native businesses, and e-commerce merchants that traditional banks and horizontal neobanks won't touch. Sacra estimates Slash reached $200M in annualized revenue in December 2025, growing 220% YoY. For more, check out our full report and dataset on Slash.
Key points via Sacra AI:
- As Brex rapidly scaled revenue from $1M to $100M in 16 months with corporate cards and then bank accounts for underbanked startups, Slash (2020) launched as a verticalized B2B neobank for high-risk solopreneurs & SMBs that traditional banks & blue chip B2B neobanks often reject for their chargeback risk including sneaker resellers, performance marketing agencies, and ecommerce businesses. While Brex & Ramp’s customer base of tech startups can scale spend extremely rapidly via venture funding, their spend skews towards payroll (~65% of monthly spend) paid via ACH, whereas Slash focuses on SMB verticals with high card spend, e.g., ad buys by performance marketing agencies, generating interchange revenue on $3B+ in annualized transaction volume.
- After shifting focus in late 2023 (at $5M annualized revenue) away from sole proprietorships (sneaker resellers) and towards business banking for agencies & brands, Slash hit its stride in 2024, growing from ~$25M in May 2024 to $200M at the end of 2025, growing 220% YoY, valued at $370M as of its May 2025 Series B for a ~3.5x multiple at the time. Compare to Brex at $700M in annualized revenue in August 2025, up 50% YoY, Ramp at $1B in annualized revenue in August 2025, up 110% YoY, Mercury at $650M in annualized revenue in September 2025, up 41% YoY, and Mexican SMB neobank Kapital at $184M in annualized revenue in 2024, up 156% YoY.
- Like Snap vs. Facebook in social, Whop vs. Patreon in the creator economy, and Warp vs. Gusto in SMB payroll, Slash is riding a category built by Brex & Mercury by explicitly positioning against them—as Gen Z for generational change and by verticalizing for niches mainstream products still underserve, particularly as head-on competition intensifies and CAC continues to climb. With Ramp's acquisition of Altir (vertical SMB neobank for franchisees and other multi-unit businesses), the majors are likely to respond defensively with more verticalization in go-to-market, workflows purpose-built for specific segments and integration of banking & cards.
For more, check out this other research from our platform:
- Slash (dataset)
- Ramp (dataset)
- Brex (dataset)
- Mercury (dataset)
- Whop (dataset)
- The neobank capital cycle
- The future of interchange
- Brex: the $400M/year anti-Amex
- Ramp at $1B/year
- Brex at $700M/year growing 50% YoY
- Kapital at $184M/yr growing 156% YoY
- Whop at $142M revenue
- Art Levy, Chief Business Officer at Brex, on the strategy of Brex Embedded
- Fernando Sandoval, co-founder of Kapital, on tropicalizing Brex for LatAm
- Karim Atiyeh, co-founder and CTO of Ramp, on the future of the card issuing market
Read more from
Slash revenue, growth, and valuation
Unlocked Report
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Mercury at $650M/year
Free Report
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