Flex raises $25 million
Flex, a fintech company offering personal finance software and payments infrastructure for business owners, has raised $25 million in a round led by Titanium Ventures, with participation from Companyon Ventures, Florida Funders, MS&AD Ventures, AAF Management and First Look Partners. The company also secured a $200 million credit facility from Victory Park Capital.
Founded in 2022, Flex provides a financial ecosystem that bundles payment automation, expense management, net 60 credit cards and banking. The company is focused on mid-market businesses ($3 – $100M revenue) that are “largely overlooked” by existing fintech solutions.
The capital raise will support the acceleration of Flex’s payments ecosystem, particularly its AI-powered AP Automation, which today, alongside credit, debit, and B2B payments, is processing over $1 billion in annual total payment volume. The funding will also be used to build out Flex’s consumer arm, which will allow business owners to manage their personal finances with “the same power, control and seamless user experience as they do for their businesses.”
“Business owners tend to co-mingle their personal and business expenses, deposits and payments, leading to accounting reconciliation issues and cashflow gaps. Our growth validates the demand from business owners for an all-in-one ecosystem that simplifies their finances. With Flex, they can manage their entire financial lives through one premium platform, from the moment they generate business revenue to the moment they spend their earnings personally.” – Zaid Rahman, Founder & CEO of Flex.
“We’re particularly excited about how much time our customers – especially those without in-house finance teams – have been saving on reconciling invoices with Flex AP Automation and managing business or personal expenses through Flex Expense Management,” added Rahman. “Our product simplifies the input required from business owners and reduces the burden of managing payment scheduling, which payment methods to disburse from, and which accounts to collect money into.”
“Flex’s ecosystem of financial products, which provide flexible and cost-effective working capital, will help meet a clear need for business owners. We believe in Flex’s mission to provide efficient, streamlined tools to help owners more easily manage their finances and ultimately expand their businesses.” – Kinan Hayani, Partner at Victory Park Capital.
