Flex, a San Francisco-based fintech building an all-in-one platform that combines business and personal financial management for high-net-worth middle-market business owners, has raised a $60 million Series B equity round led by Portage Ventures. The company said the financing brings total equity raised to $105 million and will be used to expand what it describes as an AI native private bank experience for owners who typically manage a patchwork of tools to run their financial lives.
The Series B included participation from CrossLink Capital, Spice Expedition, Titanium Ventures, Wellington, Companyon Ventures, Florida Funders, FirstLook Partners, Tusk Venture Partners, and other investors. Flex said the new equity round follows capital raised earlier this year that included $200 million in debt and $25 million in equity, adding to what the company characterized as a period of rapid growth and increasing scale in payments activity.
Flex said that over the past 12 months, it has quadrupled revenue and tripled annualized payment volume from $1 billion to $3 billion across its product suite. The company is positioning those results as validation of its focus on a segment it believes has been overlooked by traditional financial institutions and many fintech platforms, the high-net-worth middle-market business owner generating roughly $3 million to $100 million in revenue.
Flex said these owners collectively employ about 40% of the American workforce and often face complex financial needs spanning working capital, payments, credit, and banking for their businesses, alongside significant personal assets, yet lack a unified platform designed for the full lifecycle of their money.
Flex said its strategy is built around five core pillars: private credit, a business finance stack, a personal finance stack, payment solutions, and an ERP designed for middle market businesses. The company said customers now use an average of four or more Flex products, reflecting a consolidation trend in financial tooling where owners want fewer systems, simpler workflows, integrated credit and a single view across business and personal finances.
A key part of Flex’s product roadmap is the buildout of AI agents across each pillar, including credit underwriting, expenses, payments workflows, cash management, and back-office ERP functions. Flex said these agents are designed to streamline internal operations and customer workflows while helping owners finance functions with capabilities closer to those of large enterprises, and the company said its AI-powered Owner Insights are intended to deliver an experience akin to an AI CFO that translates activity data into actionable insights for owners.
Supporting the platform is Flex’s private credit arm, where the company said an agentic underwriting system allows it to price risk more precisely and provide a one-stop solution for credit needs that are often underserved by traditional banks, asset managers, and enterprise-oriented fintechs. Flex described its Business Credit Card as a primary adoption driver, offering a 60-day float on transactions and serving as an entry point that leads customers to adopt additional products such as banking, payments, working capital, and expense management.
The financing announcement also coincided with the rollout of Flex Elite, an invite-only consumer card and membership product that Flex said extends its private bank positioning into a direct competitor to Amex Centurion for this owner segment. Flex framed the launch as part of its push to become the central financial platform business owners rely on to build and manage wealth over time.
Support: Covington and Burling LLP provided external counsel to Flex on the transaction. Portage described itself as a global investment platform focused on fintech and financial services with more than US$5.7 under management, more than 115 portfolio companies and more than 25 investment professionals, with offices in Canada, the United States, Europe and the Middle East.
KEY QUOTES:
“Our mission is to build the private bank ambitious business owners have always deserved,” said Zaid Rahman, Founder and CEO of Flex. “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, Flex
“Flex is building a category-defining financial institution,” said Jake Bodanis, Partner at Portage. “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, Portage
