Flex, a US-based AI-native private bank, has raised USD 60 million in its recent Series B equity funding round led by Portage.
The initiative brings the bank’s total equity raised to USD 105 million. The round happens after a year in which the company increased its revenue and pushed annualised payments volume from USD 1 billion to USD 3 billion, according to Flex’s announcement.
Supporting America’s middle market
The bank focuses on companies with USD 3 million to USD 100 million in revenue, describing this market as the backbone of the US, as middle-market business owners employ 40% of Americans. However, Flex believes that the financial system has not been designed around their needs.
The bank aims to address this discrepancy between support and responsibility by providing straightforward solutions for business owners. This approach is less common for banks and more so for operating systems. Starting with the Flex Business Credit Card, which gives a 60-day float on every purchase, owners can expand into payments, banking, working capital, and expense management tools.
Once users move to Flex, they leverage the platform’s consolidation features, eliminating the need to use mixed, separate systems built up over the years. Additionally, Flex offers AI agents across its product pillars, including underwriting agents, cash-flow agents, expense agents, and ERP agents, designed to handle tasks that historically slowed down a company’s back-office efficiency. These tools feed into a central system that behaves like a digital financial team.
This team of agents aims to offer enterprise-grade solutions for back offices, translating the resulting data into AI-driven owner insights. Investors believe in Flex’s mission, with the lead supporter, Portage, saying that the bank is building a category-defining financial institution for middle markets. Portage believes that Flex proved that middle-market businesses are underserved, yet valuable when given the right financial infrastructure.
Additionally, the bank’s invite-only consumer card, Flex Elite, launches this week as a direct competitor to Amex Centurion. The initiative unifies a business owner’s company balance sheet with their personal life, which are connected in ways traditional institutions don’t usually accommodate. Catering to the personal finances of the wealthy, Flex is expanding into a new area.
The company’s capital model is key, as it operates its own private credit arm supported by an agentic underwriting system that allows more precise risk assessment. The more Flex lends, the smarter this system becomes, as data comes in and risk models result.
