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Artificial intelligence-powered financial platform Flex has secured $70 million in fresh funding, pushing its valuation to approximately $1.2 billion as the company accelerates its mission to become a comprehensive financial platform for mid-sized businesses.
The funding round was led by Halo Fund, a venture capital firm co-founded by Utah Jazz owner Ryan Smith and Accel partner Ryan Sweeney. Although Flex did not officially disclose its valuation, a source familiar with the transaction told Reuters that the investment values the three-year-old company at around $1.2 billion—more than double its valuation from six months ago.
The latest raise brings Flex’s total funding to $180 million in equity alongside $300 million in debt financing.
Founded to address the financial needs of medium-sized enterprises, Flex targets businesses generating tens to hundreds of millions of dollars in annual revenue—a segment that Chief Executive Officer Zaid Rahman believes has been underserved by traditional fintech firms and largely dependent on regional banks.
Rahman said the United States alone has between 350,000 and 400,000 business owners managing roughly 40% of the country’s payroll, while an estimated three million similar businesses globally account for nearly half of the world’s economic activity.
He noted that Flex aims to become the primary financial platform for these businesses by bringing multiple financial services together under one ecosystem.
Unlike many AI startups that focus on individual financial functions such as bookkeeping or expense management, Flex combines business banking, private credit, payments, personal finance, and AI-powered financial management tools into a single platform.
One of its flagship AI solutions, Beacon AI, provides business owners with regular insights into their financial performance, helping them monitor operations and make more informed decisions.
According to the company, Flex has already onboarded several thousand customers and is experiencing rapid growth, with revenue increasing approximately fourfold year-over-year while operating at a nine-figure annualised revenue run rate.
The newly raised capital will support the company’s international expansion, strengthen its marketing efforts, and more than double its workforce from 110 employees to over 200 before the end of the year.
Existing investors, including Portage Ventures and Crosslink Capital, also participated in the funding round.
Alongside the funding announcement, Flex introduced Flex Global, a new cross-border payment service designed to simplify international business transactions. The platform leverages stablecoin technology to enable businesses to transfer funds across more than 100 countries within minutes while supporting balances in 32 different currencies.
The launch reflects the growing adoption of blockchain-powered payment infrastructure as fintech firms seek faster, more efficient alternatives for global business payments. By combining AI-driven financial management with cross-border payment capabilities, Flex is positioning itself to serve the evolving financial needs of mid-market businesses operating in an increasingly global economy.
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