Startup Slope, which offers businesses an easy way to extend buy now, pay later (BNPL) services, is moving forward to grow its footprint with the recent appointment of Ashish Jain as the chief financial officer (CFO).
Jain most recently served as senior vice president of C2FO, overseeing capital markets, card products and corporate development. He was also head of capital markets at SoFi and began his career at Deutsche Bank in 2003.
Slope was valued at $16 billion in 2021 and is poised to grow nearly six times by 2029. Using API technology, Slope can approve businesses to offer BNPL services in minutes. while also managing the lending, underwriting, and debt collection.
Founders Alice Deng and Lawrence Murata saw the opportunity in Slope and have seen its startup grow 121% month over month and has signed up enough enterprise customers to grow more than 20 times in the quarter. Slope also has a waiting list that still adds new names every day.
“We have seen a massive evolution of businesses moving online, especially during COVID, so there needs to be some fundamental infrastructure,” said Rebecca Kaden, managing partner at Union Square Ventures.
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“We believed this was missing in the B2B category. Plus, Slope benefits from two-level growth — as customers get bigger, it scales with them and gets new customers along the way. Slope’s product is faster and easier to implement, which is a category advantage, and its growth rate reflects that,” Kaden added.
Slope now enables financing for over 2,500 businesses in the U.S. and Mexico, and B2B merchant partners include PlastiQ, Frubana, Meru.com, Blue Pallet and Go4U. The company is to differentiate itself from other financial providers and is focusing on a developer-centric approach.
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