San Francisco-based business banking startup Slash has secured US$41 million in Series B funding, bringing its valuation to US$370 million.

The funding round was led by Goodwater Capital, with continued support from existing investors New Enterprise Associates (NEA), Menlo Ventures and Y Combinator. Goodwater Capital partner Hatim Khety will be joining Slash’s board of directors.

This latest round follows the US$19 million raised during the company’s Series A and seed funding two years ago. Additional backing came from angel investors linked to DoNotPay, Wander and Bridge.

Founded by CEO Victor Cardenas Codriansky and CTO Kevin Bai, Slash provides business banking services tailored to online entrepreneurs.

Its platform includes checking accounts, automated accounting tools, virtual and physical payment cards, as well as features for wire and ACH transfers, all accessible through a mobile app.

Initially created to serve individuals reselling trainers online, Slash has since broadened its focus to cover a range of industry verticals.

These now include crypto firms, marketing agencies and building systems technicians.

According to the company, Slash currently supports around 2,000 US-based businesses and processes over US$3 billion in annual card transactions.

In a LinkedIn post, the firm stated that the newly raised capital will be used to further enhance its platform “around the unique needs of each industry”.

The company is also expanding its team, with Codriansky recently posting a job advert for a data engineer to “help shape the internal analytics stack that keeps our team fast and informed.”

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