We raised $1.3M to put capital inside the software businesses already use
Our pre-seed round is closed: $1.3M, backed by N49P and North Exit Ventures.
Slate has raised a $1.3M pre-seed round. N49P and North Exit Ventures backed it, and we are grateful to both for coming in this early.
What we are building
Small businesses need money at specific moments, and the software they run on already knows when those moments are. The payouts, the invoices, the bookings, the shifts: all of it is a better read on a business than anything a lender reconstructs from an application.
Slate turns that read into an offer inside the platform's own product. The platform keeps the brand, the surface and the relationship. We run the six layers underneath: offer intelligence, underwriting, the money, payments and reconciliation, support and collections, and compliance. We fund every advance through facilities we manage and we carry the loss if one goes bad.
What the money is for
Three things, in order.
More platforms. Every vertical has this shape hiding in it, and each one teaches us something the last did not.
Better reads. The models get sharper with every month of data a platform sends us, and that improvement belongs to every partner at once.
More product. Capital shipped first. The credit line followed. There are more shapes a platform will want, and shipping them should not take a year each.
What has not changed
We are not becoming a lender with a website. The platform's customers should never learn our name, the platform's team should never become a lending team, and the pricing should stay something we agree with a partner rather than publish on a rate card.
If you run a platform that watches money move, we would like to show you what your book looks like.
In the press
BetaKit covered the round: Slate raises $1.3 million to deliver embedded lending infrastructure to Canadian platforms.
