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Flex , which offers personal finance software and payments substructure for business owners , has raised $ 25 million in equity backing while securing a $ 200 million quotation facility , it told TechCrunch exclusively .
The equity funds were raised at a valuation of “ just under $ 250 million . ” The party last raised a$20 million Series Aannounced in September 2023 .
Flex was officially formed in 2022by CEO Zaid Rahmanafter evolving from being a construction chopine ( run under the nameFlexbase Technologies ) to a fintech for business owners . The companycame out of stealthin September of 2023 with a business acknowledgment calling card and disbursal tracking product . Today , Flex markets itself as “ an all - in - one finance platform for mid - market business possessor to manage their monetary resource from the time the owner makes revenue , to the time they in person spend it , ” Rahman enjoin .
Rahman likens Flex ’s offering to that of fintech titan Ramp and Brex but with a focusing on mid - market line of work proprietor who are also chief operating officer of their companies rather than enterprises or venture - backed startups .
“ Business owners tend to co - mingle their personal and business expenses , deposits , and defrayal , conduce to answer for balancing military issue and cashflow gap , ” Rahman read . “ Our emergence validates the demand from line of work owners for an all - in - one ecosystem that simplifies their finances . ”
Flex , he said , serves as more of “ a fiscal co - pilot ” for thousands of businesses and their owners , such as Shoreside Support , a logistics company ; Freebird , a male grooming troupe ; and MOD Partners , a twist business .
“ All business entity and personal life sit in a undivided splashboard , ” Rahman explain to TechCrunch . “ They can decide in app which dealing business , which is personal . This can be complex from a software package and compliance standpoint . ”
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Flex ’s medium client makes $ 25 million in revenue a twelvemonth . Many of the startup ’s customers , Rahman claim , have switched from the American Express Centurion Card , commonly known as the “ Black Card . ”
Flex , he said , offer up things like AI underwriting as well as AI bill processing and expense direction , which automatically ingests and schedules billhook payment for owners .
Its card alsooffers 0 % interestfor 60 days on all purchases .
Titanium Ventures led Flex ’s $ 25 million equity round , which include participation from Companyon Ventures , Florida Funders , MS&AD Ventures , AAF Management , and First Look Partners . Victory Park Capital provided the $ 200 million mention facility .
In aggregate , Flex has secured $ 45 million in equity and $ 300 million in credit facilities with the debt exclusively funding its credit card offer , according to Rahman .
Flex primarily makes taxation from transaction and interchange fees associated with its card and bank bill pay product in summation to deposit products such as banking . Its personal platform is a subscription rank .
While Rahman declined to reveal hard receipts figures , he say TechCrunch that the company surpassed $ 1 billion in annualized total defrayment volume ( TPV ) in 18 months after launching its batting order and placard pay automation product . It ’s produce 25 % month over calendar month currently and Rahman expects to develop revenue by “ 5x ” in 2025 .
At the end of 2024 , Flex had 64 employee , up from 28 at the end of 2023 . It design to use its novel capital in part to build out an AI and B2B payments team in New York and San Francisco .
” Flex has found a segment of the large B2B marketplace neglect by both innovators in B2B fintech and large incumbents — owner - owned businesses , ” said Yash Patel , universal partner at Titanium Ventures , who is unite Flex ’s dining table of directors .
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