Flex has raised $60 million in a Series B round led by Portage, bringing its total equity financing to $105 million. The funding follows an earlier $200 million debt raise and $25 million equity infusion, supporting a year of rapid expansion in which revenue quadrupled and total annualized payment volume climbed from $1 billion to $3 billion. The company serves high-net-worth business owners generating between $3 million and $100 million in annual revenue, a segment that employs roughly 40% of the U.S. workforce.
Flex is developing a unified system that consolidates business and personal financial management and is rolling out AI-led tools across lending, payments, expense management, and an ERP tailored to mid-market firms. CEO Zaid Rahman said, “Our mission is to build the private bank ambitious business owners have always deserved.”
The raise coincides with the launch of Flex Elite, an invite-only consumer card positioned as a rival to the Amex Centurion and designed to extend the company’s integrated financial model into personal spending. Flex’s business credit card, offering a 60-day float, has been a significant driver of adoption, often leading customers to shift banking, payments, and working-capital needs onto the platform.
Investors say the company is capturing strong market momentum as financial tools consolidate. Jake Bodanis, partner at Portage, said, “Flex is building a category-defining financial institution,” noting the segment’s substantial unmet demand. Flex aims to create a full financial stack for mid-market owners, enabling them to manage and transfer wealth through a single system.
