California-based fintech Flex raises $70M in a fresh Series B1 funding round, shaking up the business banking landscape. This massive capital injection pushes the startup’s valuation to a staggering $1.2 billion.
Led by Ryan Smith and Ryan Sweeney’s Halo Fund, the $70M raise comes just seven months after its last raise. Flex has successfully doubled its valuation and tripled its revenue in that short window, proving there is huge demand for stablecoin-driven business banking.
Bridging the Gap for Middle-Market Owners
Mid-sized businesses that operate across different countries, entities and currencies often face a lot of problems with traditional banks. Their founders have to struggle with very frequent bureaucratic hoops to pay foreign suppliers and manage their cash across different countries.
This is one of the core problems that Flex was created to solve. Founded in San Francisco in 2023 by Thiel Fellow and Columbia dropout Zaid Rahman Flex operates as a private bank built directly for the business owner’s business and personal finances.
Boundless Ambition. Image Credit: Flex
It helps businesses and their owner eliminate the need for manual expense workflows and poor spending visibility. Owners can now automate most of their financial processes with Flex. With this new cash injection, the startup plans to expand its core platform, Flex Global, to more than 100 countries.
Mid-market businesses generating $3 million to $200 million annually can now access multi-currency accounts and unified business cards without dealing with dozens of separate providers and hidden transfer fees.
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Stablecoins as the Invisible Backend
The real magic of Flex Global happens completely behind the scenes. International wire transfers usually take days and cost a fortune. Flex changes that by using stablecoins to settle transactions in minutes.
However, the business owners using the platform do not need to understand crypto. The backend rails are entirely invisible. Through its close partnership with Column N.A., clients can swipe their Flex Global Visa card or pay foreign suppliers seamlessly.
Infinite Business Card. Image Credit: Flex
Recent regulatory updates in both the US and Europe have made it much easier for this stablecoin adoption to spread. B2B stablecoin volume has skyrocketed globally, and Visa’s own settlement volumes are hitting multibillion-dollar run rates.
Flex is capitalizing on this trend by bundling these fast settlements with Beacon, its proprietary AI finance agent that helps founders manage their balance sheets and optimize cash flow in real-time.
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Scaling Fast in a Changing Fintech Landscape
Fintech valuations have faced heavy downward pressure recently, but Flex is bucking the trend. The company’s annualized payment volume recently crossed the $10 billion mark, marking a massive 4x growth year-over-year.
To support this rapid scaling, Flex plans to grow its global team from 110 employees to over 200 by the end of this year. The round attracted a stellar lineup of investors, including Portage, Wellington, Crosslink Capital and Halo Fund.
Ryan Smith, co-founder of Halo Fund notes that Flex is the first to build a private bank that recognizes how intertwined a founder’s business and personal finances truly are. With over $480 million raised in total equity and debt, Flex is well-positioned to reshape global commerce for modern business owners.
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