The IT Nerd

Flex today announced a $70 million Series B1, led by Ryan Smith and Ryan Sweeney’s Halo Fund with participation from Portage Ventures, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice, Florida Funders, Spice, and others. The round comes just months after the company’s $60 million Series B in December 2025. Annualized revenue increased 3x since then as Flex accelerated private banking for high-net-worth business owners globally.

Halo Fund, co-founded by Utah Jazz and Utah Mammoth owner and Qualtrics founder Ryan Smith and Accel general partner Ryan Sweeney, brings a sports and entertainment platform spanning the NBA, NHL, and Formula 1. For Flex, the partnership pairs institutional depth with distribution into audiences that include millions of successful middle-market business owners and entrepreneurs, often in communities far beyond Silicon Valley, the exact customers Flex Global is built to serve.

With this round, Flex has now raised $180 million in total equity and $300 million in total debt for expansion across business finance, personal finance, payments, private credit, and ERP. Flex will double the team size from 110 employees today to more than 200 by year-end.

Silicon Valley built financial software for companies, and it built financial software for consumers. It largely missed the people who are both. In the US alone, roughly 350,000 high-net-worth business owners help drive 40% of private-sector payroll, yet most still run their financial lives through tools that treat the business and the owner as two separate worlds. Globally, an estimated 3 million such owners sit at the center of a meaningful share of private economic activity and nearly all of them are multi-entity, multi-currency, and multi-jurisdiction by default.

A business built for global owners

The high-net-worth business owner rarely operates in a single country or a single currency. Today, Flex is launching Flex Global. Building financial infrastructure for that reality:

• Stablecoin payment rails and wallets in 100+ countries, settling cross-border payments in minutes
• Institutional USD accounts for foreign business owners who need access to the world’s reserve currency
• Multi-currency accounts across 76 countries, supporting 32 currencies from USD to RMB to INR to MXN, so owners can hold, send, and receive in the currencies they actually operate in
• Private credit solutions in 20+ countries, extending Flex’s underwriting well beyond US borders
• Cards issued to businesses operating globally, spanning entities and geographies under one platform

The result is a single financial home that follows the owner wherever their business takes them.

The company today

• Flex has crossed $10 billion in annualized total payment volume, growing roughly 4x year-over-year at a nine-figure annualized revenue run rate
• The average Flex customer now uses four or more products on the platform, a signal of the compounding relationship Flex is built to create, where each product deepens the value of the next
• Flex’s three largest business categories by logo count are construction, wholesale, and multinational businesses

Why now

For two decades, fintech served two markets: mass-market banking for consumers, and corporate workflows for venture-backed startups and large enterprises. It largely bypassed the high-net-worth business owner, who operates across multiple entities, currencies, and jurisdictions, because the rails to serve them globally didn’t exist. Over the past eighteen months, they arrived. Stablecoin legislation in the US and Europe made the rails enterprise-ready, the world’s largest payment networks moved from pilots to production, and Visa’s stablecoin settlement volume reached a multibillion-dollar annualized run rate. Real-economy stablecoin payment volume roughly doubled in 2025, the majority of it B2B.

Flex’s bet is that the winners of this shift won’t be the companies that make owners think about stablecoins, they’ll be the ones that make the rails invisible. Flex Global embeds stablecoin settlement underneath a full private-banking relationship: an owner pays a vendor in Warsaw or Mexico City the way they’d pay one in Dallas, with AI helping them make decisions across their entire balance sheet. The customer never touches a wallet; their money simply moves in minutes.

What Flex is building

Flex is the AI-native private banking platform for high-net-worth business owners in the middle market globally, built around five pillars: private credit, a business-finance stack, a personal-finance stack, payments, and an agentic back office finance operating system built for middle-market companies. Today the platform brings together credit, banking, payment processing, bill pay, expense management, treasury, and enterprise finance AI agents including Beacon AI. Over time, Flex plans to expand its global banking, personal credit and rewards cards, treasury, travel, and mortgage offerings.

Running a profitable middle-market business has become one of the most complex financial jobs in America, with owners often juggling more than ten disconnected systems to manage their money. Flex was created to give these high net worth owners a single place to run both their business and personal finances. 

Today, the company announced its $60 million Series B funding round led by Portage with participation from CrossLink Capital, Spice Expedition, Titanium Ventures, Wellington, Companyon Ventures, Florida Funders, FirstLook Partners, Tusk Venture Partners and others, bringing its total equity funding to $105 million.

This latest $60M equity round, followed by its $200M debt and $25M equity raise announced earlier this year, builds on a period of rapid hypergrowth. In just 12 months, Flex has grown revenue fourfold and increased annualized total payments volume from $1 billion to $3 billion across a suite of products, positioning Flex as one of the fastest-growing fintech companies at scale with best-in-class capital efficiency.

The timing aligns with Flex’s upcoming launch of Flex Elite, their new invite-only consumer card and membership, debuting today. Designed as a direct competitor to Amex Centurion, Flex Elite extends the company’s strategy to become the private bank for middle-market business owners, giving them a unified system that spans every dimension of their financial lives.

Traditional fintech platforms have focused either on micro-businesses or sophisticated enterprises. Flex serves the segment in between—the high net worth middle-market business owner generating $3 million to $100 million in revenue, collectively employing roughly 40% of American payroll. These owners are financially sophisticated and often manage their companies alongside significant personal assets, yet have no modern platform that supports the full lifecycle of their money. 

Flex is building the category-defining company solving this gap for high net worth business owners with a five-pillar strategy built around private credit, a business finance stack, a personal finance stack, payment solutions, and an ERP built for middle market businesses. These customers now use an average of four or more Flex products.

The company is building AI agents across every product pillar to streamline both its internal operations and customer experiences—like credit underwriting agents to deeply understand every business, expense agents, payment workflows, cash management agents, and back-office ERP agents into a single “motherboard” for business owners. Flex’s vision is to provide every business owner a team of high quality finance agents to run their backoffice like an enterprise. This AI-driven architecture not only improves customer experience but also drives a structurally lower cost base for Flex, enabling it to operate with a lean headcount. In turn, Flex delivers AI-powered Owner Insights, transforming the data generated from customer activity into a beautiful, intuitive experience that positions Flex as their “AI CFO.”

Supporting this foundation is the company’s private credit arm. With its agentic underwriting system, Flex can price risk with greater precision and offer a true one-stop shop for all credit needs typically underserved by traditional banks, asset managers and larger enterprise-focused fintechs. This vertically integrated capital engine creates a powerful defensibility loop: as Flex originates more volume, customers adopt more Flex financial products across their lives, making its risk models smarter, and improving its unit economics.

Flex’s Business Credit Card, which provides 60-day float on every transaction, has been a major driver of adoption, acting as the wedge into deeper financial operations. Once owners experience the benefits of the Flex Credit Card, they often go on to adopt Flex’s banking, payments, working capital, and expense management tools to replace fragmented legacy systems. This integrated model has allowed Flex to scale with high efficiency and has created a strong foundation for its expansion into personal finance.

The momentum is supported by broader market trends indicating consolidations of financial tools, simpler workflows, integrated credit, and unified visibility across business and personal lines. However, personal finance products for affluent individuals have remained largely unchanged for decades. Flex is bridging that gap with a unified system that reflects how these owners actually operate in both their business and personal lives.

With the long-term goal of building the complete financial stack for middle-market business owners across the United States Flex is capturing the full life cycle of money, offering both business and personal financial products. Flex aims to become the central platform this segment relies on to grow and transfer wealth across generations.