Flex has raised USD $70 million in a Series B1 round and launched its Flex Global service in the UK.
The round was led by Halo Fund, the investment vehicle co-founded by Ryan Smith and Ryan Sweeney, and values Flex at USD $1.2 billion, more than double its valuation in the previous round.
The funding comes only months after Flex secured USD $60 million in a Series B round. Annualised revenue has tripled since then and is now running at a nine-figure level.
Flex, which targets high-net-worth business owners, has now raised USD $180 million in equity and USD $300 million in debt. It plans to expand across business finance, personal finance, payments, private credit and ERP, while increasing headcount from 110 to more than 200.
The UK launch is part of a broader international push through Flex Global, a service designed for business owners operating across multiple countries and currencies. The product includes stablecoin payment rails and wallets in more than 100 countries, multi-currency accounts across 76 countries supporting 32 currencies, and private credit products in more than 20 countries.
It also offers institutional US dollar accounts for foreign business owners and cards for companies operating across several markets. The aim is to give owners a single platform for both business and personal financial activity.
Global focus
Flex argues that affluent business owners have often been overlooked by financial providers built either for consumers or corporates. In the US, it says, about 350,000 high-net-worth business owners account for 40% of private-sector payroll. Globally, around 3 million such owners sit at the centre of a significant share of private economic activity.
According to Flex, these customers often manage several entities, bank accounts and currencies while paying suppliers and staff across borders. That has typically meant using multiple vendors and paying layers of fees to move money between jurisdictions.
The platform is built around five areas: private credit, business finance, personal finance, payments and an AI-based back-office finance system. Current products include credit, banking, payment processing, bill pay, expense management, treasury tools and finance AI agents, including Beacon AI.
Flex says it has crossed USD $10 billion in annualised total payment volume, with volume up about fourfold year on year. It added that the average customer now uses four or more products on the platform, while its three largest business categories by customer count are construction, wholesale and multinational businesses.
Investor backing
Halo Fund's backing brings in an investor group with roots in technology, sport and entertainment. Smith is known as the founder of Qualtrics and owner of the Utah Jazz and Utah Mammoth, while Sweeney is a General Partner at Accel.
Zaid Rahman, Chief Executive Officer and Founder of Flex, said the company sees a gap in financial services for owners whose business and personal finances are closely linked across borders.
"Middle-market business owners are one of the most important and underserved customers in finance globally," Rahman said. "Depending on the type of owner, they'll tell you their vendors are spread across the US, Poland, Brazil, etc; their accounts hold currency outside of just USD; and they have to oscillate across 2-3 vendors and layers of fees just to do business outside their country."
Recent changes in the payments market have made this model easier to roll out internationally, according to Flex. It pointed to broader adoption of stablecoin-based settlement in the US and Europe, growing activity by major payment networks, and an increase in business-to-business stablecoin transaction volume.
For Flex, the payment method should sit in the background rather than require customers to manage wallets directly. The company says its system is designed to let customers pay overseas suppliers much as they would domestic ones, with settlement taking minutes rather than days.
Smith said the attraction for investors lies in how the business addresses the overlap between company finances and household finances for entrepreneurs.
"I've spent my career helping entrepreneurs win, and they all have the same problem: their business and personal financial lives are completely intertwined, but every bank treats them as two different customers, missing what they're actually trying to build. Flex is the first team creating a real private bank around the owner and the entire household's finances, and the gap they're filling is just as real globally as it is in the US. Zaid and the team have built an enduring business that is becoming an institution for the world's most ambitious owners," Smith said.