San Francisco: Flex has secured a $60 million Series B equity round led by Portage, bringing total equity raised to $105 million. The latest funding will support Flex’s continued scale-up of its AI-native “private bank” designed for high-net-worth middle-market business owners.
Over the past 12 months, Flex has quadrupled revenue and increased annualized payments volume from $1 billion to $3 billion.
Flex Expands Funding to Strengthen AI-Native Finance Infrastructure
The Series B round saw participation from CrossLink Capital, Spice Expedition, Titanium Ventures, Wellington, Companyon Ventures, Florida Funders, FirstLook Partners, Tusk Venture Partners, and others.
This follows the company’s earlier financing of $200 million in debt and $25 million in equity announced earlier this year, marking a period of rapid expansion for the fintech platform.
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The company was founded to simplify financial operations for owners of profitable middle-market businesses who often juggle numerous disconnected tools to manage both business and personal finances. Flex aims to unify these systems under a single platform.
Flex Launches Flex Elite as It Deepens Private Banking Strategy
Coinciding with the funding announcement, Flex unveiled “Flex Elite,” its invite-only consumer card and membership program positioned as a direct competitor to the Amex Centurion Card.
The product extends the company’s strategy of offering a comprehensive private banking experience for middle-market business owners and affluent individuals.
The company serves business owners generating $3 million to $100 million in revenue—an underserved segment responsible for nearly 40% of U.S. payroll.
These customers typically manage significant personal assets alongside business operations, yet lack a modern financial platform that integrates both workflows.
Five-Pillar Strategy with AI-Driven Product Expansion
Flex is building a category-defining platform anchored in five pillars: private credit, business finance, personal finance, payments, and a dedicated ERP for middle-market businesses. Customers now use an average of four or more Flex products.
To enhance efficiency and customer experience, the company is developing AI agents across all product pillars – including underwriting, payments, expense management, cash flow systems, and ERP operations. These systems feed into an integrated financial “motherboard” and enable AI-powered Owner Insights, positioning the company as an “AI CFO” for its users.
The fintech’s private credit division plays a central role in this model. By leveraging agentic underwriting, the company can price risk more accurately and offer a one-stop-shop solution for credit needs underserved by traditional banks or enterprise-focused financial platforms.
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Flex Business Credit Card Drives Adoption Across Financial Products
Flex’s Business Credit Card, offering a 60-day float on all transactions, has been a significant growth lever. Once business owners adopt the card, they typically expand usage to a broader suite of banking, payments, working capital, and expense management tools.
This integrated approach has enabled the company to scale with notable capital efficiency while building the foundation for its personal finance expansion.
“Our mission is to build the private bank ambitious business owners have always deserved,” said Zaid Rahman, Founder and CEO of Flex. “Middle-market business owners employ 40% of Americans, but the financial system has never been designed around their complex needs. Our’s is the first platform that supports every step of their financial lives.”
“Flex is building a category-defining financial institution,” said Jake Bodanis, Partner at Portage. “The company has proven that middle-market business owners are both massively underserved and extremely valuable customers when given the right infrastructure.”
Full Financial Lifecycle for Middle-Market Owners
With its long-term vision to provide the complete financial stack for middle-market business owners across the United States, the company is positioning itself as the central platform for managing, growing, and transferring wealth across generations.
