Flex raises $60 million

Flex, a fintech company offering personal finance software and payments infrastructure for business owners, has raised $60 million in Series B funding led by Portage, with participation from CrossLink Capital, Spice Expedition, Titanium Ventures, Wellington, Companyon Ventures, Florida Funders, FirstLook Partners, Tusk Venture Partners, MS&AD Ventures, and others, bringing its total equity funding to $105 million.

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 company announced plans to launch Flex Elite, its new invite-only consumer card and membership, designed as a direct competitor to Amex Centurion.

“Our mission is to build the private bank ambitious business owners have always deserved. Middle-market business owners employ 40% of Americans, but the financial system has never been designed around their complex needs. 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.” – Zaid Rahman, Founder and CEO of Flex.

“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.” – Jake Bodanis, Partner at Portage.