Provides personal financial software and payment infrastructure for business owners, Flex has secured a $200 million credit facility while raising $25 million in equity funding.
The stock funds were raised at a valuation of just under $250 million. The company last raised a $20 million Series A, announced in September 2023.
Flex was officially founded in 2022 by CEO Zaid Rahman and evolved from a construction platform (sales under the name FlexBase Technologies) to business owner fintech. The company came out of stealth in September 2023 with business credit cards and cost tracking products. Today, Flex sells itself to the market as “an all-in-one finance platform for owners to manage their finances from the time they make money to the time they spend on personal use.”
Rahman compares the offering of Fintech Giants Ramp and Brex’s Flex, but focuses on middle market business owners who are also the CEO of the company, rather than corporate or venture-backed startups.
“Employers tend to conspire in personal and business expenses, deposits and payments, leading to a gap between accounting settlement issues and cash flow,” Rahman said. “Our growth examines the demand from business owners for an all-in-one ecosystem that simplifies finances.”
He has acted as more “finance managers” for thousands of companies and their owners, including logistics company Shoreside Support. Freebird; MOD Partners, a male grooming company, is a construction industry.
“All business entities and personal lives are on a single dashboard,” Rahman explained to TechCrunch. “They can decide which transactional business they are in with their apps. This is personal. This can be complicated from a software and compliance perspective.”
The average Flex customer earns $25 million a year. Rahman claims that many startup customers have switched from the American Express Centurion Card, commonly known as the “black card.”
Flex said it offers AI underwriting, AI invoice processing, and expense management.
The card also offers 0% interest for 60 days on all purchases.
Titanium Ventures led Flex’s $25 million equity round. This includes participation from Companyon Ventures, Florida Funders, MS&AD Ventures, AAF Management and First Look Partners. Victory Park Capital provided $200 million in credit capabilities.
According to Rahman, Flex has a total of $45 million in stock and $300 million in credit facilities, with debt funding solely on credit card provisions.
Flex mainly generates revenue from transactions and exchange charges related to cards and bills, as well as deposit products such as banks. That personal platform is subscription membership.
Although Rahman refused to reveal his hard income figures, he told TechCrunch that the company surpassed $1 billion in total annual payments (TPV) 18 months after launching the card and Bill Pay Automation products. It is currently up 25% a month, with Rahman expecting to increase its revenue by “five times” in 2025.
At the end of 2024, Flex had 64 employees from 28 at the end of 2023. It plans to use new capital to build AI and B2B payment teams in New York and San Francisco.
“We are pleased to announce that Yash Patel, a general partner at Titanium Ventures, who is joining Flex’s board of directors,” said:
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