Slingshot
Automated business and financial management for artists.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $2.2m | Seed | |
| Total Funding | 000k | ||
Slingshot.fm is a financial technology company offering an all-in-one business management platform for artists, creators, and talent agencies. Founded in 2020 by Sanil Chawla while he was a student at the University of Southern California, the company aims to simplify the financial and operational challenges faced by creative professionals. Chawla developed the concept after observing that both established and emerging artists struggled with the accounting and legal aspects of their careers.
Initially launched as a music monetization platform, Slingshot pivoted in 2023 based on user feedback to provide a more comprehensive financial product. The platform now automates tasks such as invoicing, payments, expense tracking, bookkeeping, and tax filings. It also offers services like international payroll, retirement accounts, and healthcare benefits. To streamline financial management, Slingshot provides its own corporate card and offers rewards on expenses. The company targets creatives with annual incomes ranging from $100,000 to several million dollars.
Slingshot's revenue model involves a 2% monthly fee on the revenue processed through each account, which is positioned as a competitive alternative to traditional business manager fees. The company also generates revenue from interest and interchange fees from its banking partners and corporate cards. While it facilitates financial transactions, Slingshot does not directly hold client funds, instead partnering with payment platform Stripe and banks like Goldman Sachs and JPMorgan Chase. In June 2024, the company announced it had raised a $2.2 million pre-seed funding round from investors including the Dorm Room Fund and 1916 Enterprises.
Keywords: financial management for artists, creator economy fintech, business management platform, automated bookkeeping, artist financial services, royalty payments, automated tax filing, creator payroll, entertainment finance, invoicing for creators, expense management, talent agency software, creative professional tools, Sanil Chawla, music industry finance, digital creator tools, freelance business management, arts entrepreneurship, financial operations automation, creative industry SaaS