Flex has raised $70 million in fresh funding at a valuation of about $1.2 billion, marking another big milestone for the AI fintech startup as it pushes to become the primary financial platform for mid-sized businesses. The funding arrives alongside the launch of Flex Global, a stablecoin-powered cross-border payments service that lets companies move money across more than 100 countries within minutes.
The round was led by Halo Fund, the venture firm co-founded by Utah Jazz owner Ryan Smith and Accel partner Ryan Sweeney. Flex did not disclose its valuation, though a person familiar with the deal told Reuters the three-year-old company is now worth roughly $1.2 billion. That figure is more than double its valuation from six months ago.
The latest investment brings Flex’s total funding to $180 million in equity and $300 million in debt, giving the company fresh capital to scale its platform, hire aggressively, and expand into international markets.
Flex is taking a different path from many AI startups focused on single business functions such as bookkeeping, expense tracking, or invoicing. Instead, the company is building a unified financial platform that combines business banking, private credit, payments, treasury management, and personal finance into one service for founders and business owners.
Its AI assistant, Beacon AI, gives customers a weekly snapshot of their financial health, helping business owners monitor cash flow, spending, and other financial metrics without sorting through multiple banking and finance tools.
CEO Zaid Rahman believes Flex has found a large market that many fintech companies have overlooked.
“In the U.S., there are maybe 350,000 to 400,000 business owners that manage 40% of America’s payroll. So that’s sort of in that segment,” Rahman told Reuters.
“Globally, it’s about 3 million business owners that manage 50% of the global economy. So, there’s a very large opportunity to be their kind of singular financial home.”
Rahman refers to these companies as “jumbo shrimps.” They generate tens of millions, and sometimes hundreds of millions, in annual revenue, yet often rely on regional banks and financial products built for much smaller businesses or large enterprises.
That positioning appears to be gaining traction. Flex says it has onboarded a few thousand customers and is growing at roughly four times year over year, reaching a nine-figure annualized revenue run rate.
The company plans to use the new funding to accelerate international growth, increase marketing efforts, and expand its workforce from 110 employees to more than 200 before the end of the year. Returning investors Portage Ventures and Crosslink Capital joined the financing.
The funding announcement came with another strategic move. Flex introduced Flex Global, a new cross-border payments service that uses stablecoins to transfer money across more than 100 countries in minutes. The platform lets business owners hold balances in 32 currencies, giving companies with international operations another option for managing global payments without relying solely on traditional banking infrastructure.
The latest raise reflects growing investor interest in AI companies that combine software with financial services instead of solving a single workflow. Flex is betting that business owners want fewer financial tools, not more, with AI serving as the layer that brings banking, payments, credit, and financial insights together in one place.
