Flex has raised $60 million in Series B equity financing, led by Portage, bringing its total equity capital to $105 million as it expands its AI-based operating system tailored for mid-market business owners. The funding follows a year of substantial growth, with the company reporting a fourfold increase in revenue, alongside a tripling of its private credit offerings and the introduction of personal finance solutions powered by artificial intelligence.
Founded to support owners managing multiple entities and complex financial structures, Flex aims to unify business and personal financial operations, an area it claims has been historically underserved. “Our mission is to build the private bank ambitious business owners have always deserved,” said Zaid Rahman, founder and CEO of Flex. He emphasized that middle-market businesses employ nearly 40% of Americans yet lack financial tools designed to meet their specific needs.
The funding round also saw participation from several notable investors, including Titanium Ventures, Wellington, Crosslink Capital, and MS&AD Ventures, among others. Portage partner Jake Bodanis noted the market’s potential, stating that middle-market business owners represent a significantly undervalued segment that becomes exceptionally valuable when provided with the appropriate financial infrastructure.
At the core of Flex’s strategy is its AI-first architecture, which diverges from traditional models by employing intelligent system “agents.” These agents perform functions similar to a financial team, covering areas such as underwriting, payments, treasury optimization, and back-office operations. This innovative approach supports a wide range of services, including private credit, business finance, personal financial management, payments, and enterprise resource planning (ERP).
Flex highlights its vertically integrated credit strategy, which facilitates tighter risk assessment and customizable product offerings. Its Net-60 credit card serves as a crucial acquisition channel, with users often transitioning into additional services like treasury management and financial automation after onboarding.
The company plans to utilize the new funding to enhance its AI infrastructure, expand credit capabilities, and build what it describes as a comprehensive financial stack for business owners. This includes support for working capital, operational needs, and long-term wealth planning. As competition intensifies among banks, software providers, and corporate finance platforms, industry observers will monitor whether specialized financial solutions for mid-market enterprises will formalize into a distinct category.
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