Latest news with #GoodwaterCapital
Yahoo
27-05-2025
- Business
- Yahoo
Two College Dropouts Secured $41 Million To Revolutionize Industry-Specific Banking With Slash, Backed By Top VCs
Slash, the neo-bank launched by college dropouts Victor Cardenas and Kevin Bai, announced Tuesday it has closed a fresh $41 million funding round at a $370 million valuation, which was led by Goodwater Capital and supported by Menlo Ventures and New Enterprise Associates. The raise marks a definitive comeback after the company's core market, sneaker resellers, collapsed overnight, following Adidas' decision to end its collaboration with Kanye West, Fortune reports. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — The idea for Slash emerged while Cardenas was studying at Stanford University and Bai at the University of Waterloo in Canada, Fortune says. As they explored different startup concepts, they discovered an ecosystem of sneaker resellers: young entrepreneurs generating substantial revenue but struggling to access essential banking tools. Many lacked incorporation or were too young to qualify for products like virtual credit cards, exposing a clear gap in the market. According to Fortune, that niche allowed the startup to quickly gain traction, especially as it offered virtual cards and other tools tailored to their needs. But when Adidas cut ties with Kanye West, the Yeezy resale economy collapsed. Slash saw its revenue fall by 80% almost instantly. The founders had announced on May 4 that they raised $19 million in earlier rounds, with dozens of employees onboard. According to Fortune, they faced a decision: double down on a dying niche or rebuild from scratch. Trending: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Over the next 18 months, they chose to rebuild from scratch, transforming Slash into a vertical banking engine for underserved industries like crypto firms, HVAC companies, and performance marketing agencies, to name a few. Today, Slash processes roughly $300 million each month through its cards, Fortune reports. While competitors like Brex, Mercury, and Ramp spread their services across industries, Slash doubled down on vertical integration. Fortune says that the founders' approach is to design bespoke banking infrastructure for the unique workflows of specific sectors. In performance marketing, that means creating sub-accounts for each client so agencies can track ad spending and prepayment balances. In crypto, Slash enables companies to move between fiat and digital currencies while maintaining transparent internal finance systems. More than 1% of all Facebook ads are now purchased through Slash-issued cards, Fortune reports. "If we continue solving these niche, vertical, specific financial workflows for businesses across different industries, then we can sneakily become one of the largest commercial credit card issuers in the country," Cardenas told to a LinkedIn post, Goodwater Capital leads the new round, with NEA returning as a consistent backer since Slash's early stages. Other notable investors include figures like Joshua Browder of DoNotPay and Zach Abrams. According to Fortune, the startup also has support from Column, a tech-friendly chartered bank co-founded by a Plaid executive. Their partnership helped Slash navigate the recent turmoil around fintech infrastructure provider Synapse, which disrupted operations for many competitors. The current 35-person team plans to use the new capital to scale into more verticals, including online travel, property management, and e-commerce, Fortune says. As Slash continues to solve critical pain points in niche industries, it quietly positions itself as one of the fastest-growing commercial credit card issuers in the U.S. Read Next: Invest where it hurts — and help millions heal:. Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Two College Dropouts Secured $41 Million To Revolutionize Industry-Specific Banking With Slash, Backed By Top VCs originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
13-05-2025
- Business
- Yahoo
Investing platform Stash raises $146m to enhance AI capabilities
Stash, a US-based investing platform, has garnered $146m in its Series H funding round, led by Goodwater Capital. Additional contributions came from existing investors Union Square Ventures, StepStone Group, Serengeti, and the University of Illinois Foundation, alongside funds and accounts advised by T. Rowe Price Investment Management. The fresh infusion will support Stash's objective of providing accessible financial guidance. It will ramp up Stash's product development, subscriber growth, and enhance its AI capabilities. A key component of this initiative is Money Coach AI, a financial guidance tool that provides real-time, personalised investment recommendations. Goodwater Capital founder and managing partner Chi-Hua Chien said: 'Stash isn't just using AI to enhance its platform—it's using AI to transform how people engage with their money. 'The company's momentum is undeniable, and we are proud to support this next frontier in fintech.' Since its launch, Money Coach AI has transformed user engagement with financial management, assisting customers in making informed decisions about their investments and savings, according to the company. Money Coach AI has recorded over 2.2 million interactions, supporting Stash's goal of assisting users in saving, investing consistently, and making informed financial decisions. Stash data indicates that one in four users engaging with Money Coach AI take positive financial actions, such as investing or adjusting their savings strategies, within ten minutes of interaction. Currently, Stash has 1.3 million paying subscribers and manages $4.3bn in assets. Stash founder and co-CEO Ed Robinson said: 'This new funding is a resounding vote of confidence in Stash's vision for the future of personal finance. "For a decade, Stash has helped millions take control of their financial futures. Now, we're doubling down—transforming how people save, invest, and build long-term wealth with AI-powered intelligence at the core. We're just getting started.' "Investing platform Stash raises $146m to enhance AI capabilities" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
12-05-2025
- Business
- Finextra
Investing app Stash raises $146m
American investing app Stash has raised $146 million in an oversubscribed Series H funding round led by Goodwater Capital. 0 Union Square Ventures, StepStone Group, Serengeti, the University of Illinois Foundation, and funds and accounts advised by T Rowe Price Investment Management participated. Stash provides a host of personalised, AI-driven automated investing tools to more 1.3 million paying subscribers with $4.3 billion in assets under management. The latest investment will be used to accelerate product innovation, drive subscriber growth, and further develop Stash's AI capabilities. Central to this strategy is Money Coach AI, a financial guidance platform that translates expert-level investing strategies into real-time, personalised recommendations for everyday users. Brandon Krieg, co-CEO, Stash, says: "For too long, financial advice has been out of reach for everyday people. "Stash's mission has always been to change that. Now, by leveraging the power of AI, Stash is helping people take control of their money, understand their options, build real wealth, and secure their financial future, no matter where they're starting from."
Bloomberg
31-03-2025
- Business
- Bloomberg
Chatbot Aggregator Wrtn Gets Funding in Latest Korea AI Deal
Wrtn Technologies Inc. has raised 83 billion won ($56 million) from investors including Goodwater Capital, one of a growing number of South Korean AI startups to score financing in the post-ChatGPT era. Existing backers BRV Capital Management and Capstone Partners participated in the so-called extension round, bringing the total capital raised for that round to 108 billion won, the Seoul-based startup said on Monday.
