Fintech firm Flex has secured $60 million in a Series B funding round. This investment, led by Portage, brings Flex’s total equity funding to $105 million. San Francisco–based fintech company Flex has raised $60 million in a Series B equity round led by Portage, taking its total equity funding to $105 million.
The latest round follows a $200 million debt round and a $25 million equity raise announced earlier this year.
“Our mission is to build the private bank ambitious business owners have always deserved,” said Zaid Rahman, Founder and CEO of Flex.
Founded in 2023, the San Francisco–based firm offers an integrated business and personal finance platform targeted at high-net-worth owners of middle-market companies.
“Flex is the first platform that supports every step of their financial lives, from the moment they earn revenue to the moment they spend it personally. Unlike many of our fintech peers who focus on saving large enterprises money, we focus on helping ambitious owners make more money,” added Rahman.
The company added it has quadrupled revenue over the past year and increased its annualised payments volume from $1 billion to $3 billion. Its business credit card, which offers 60-day payment terms, has been a key driver of adoption, according to the company.
Flex is also expanding its consumer offerings with the launch of Flex Elite, an invite-only card and membership programme for affluent users.
“Flex is building a category-defining financial institution. The company has proven that middle-market business owners are both massively underserved and extremely valuable customers when given the right financial infrastructure. Flex’s hypergrowth and best in class capital efficiency speaks to how powerful this model is,” added Jake Bodanis, Partner at Portage.
A core part of Flex’s product strategy is the use of AI-driven tools for underwriting, payments, cash management and back-office workflows. These systems help reduce operational costs and generate insights for customers on business performance and personal finances, it added.
It plans to continue building an end-to-end financial stack for this customer segment, spanning business operations, personal finance and wealth transfer.
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