Flex has raised USD 70 million in Series B1 funding, led by Halo Fund, the investment vehicle founded by Utah Jazz and Utah Mammoth owner Ryan Smith and Accel general partner Ryan Sweeney.
Portage Ventures, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice, and Florida Funders also participated in the round, which follows a USD 60 million Series B closed in December 2025. Flex said annualised revenue has grown threefold since that round, as the company expanded private banking services for high-net-worth business owners internationally.
With the latest round, Flex has raised a total of USD 180 million in equity and USD 300 million in debt, supporting expansion across business finance, personal finance, payments, private credit, and enterprise resource planning. The company said it plans to double headcount, from 110 employees to more than 200 by the end of 2026.
Halo Fund's participation brings distribution reach through sports and entertainment platforms linked to the NBA, NHL, and Formula 1, which Flex said connects the company with middle-market business owners and entrepreneurs based outside traditional venture hubs.
Global expansion through Flex Global
Alongside the funding round, Flex launched Flex Global, a platform aimed at business owners operating across multiple countries, currencies, and jurisdictions. It includes stablecoin payment rails and wallets in more than 100 countries for cross-border settlement, institutional USD accounts for foreign business owners, and multi-currency accounts spanning 76 countries supporting 32 currencies, including the US dollar, Chinese renminbi, Indian rupee, and Mexican peso. The platform also extends private credit solutions to more than 20 countries and issues cards for businesses operating across multiple entities and geographies.
According to Flex, roughly 350,000 high-net-worth business owners in the US account for around 40% of private-sector payroll, while an estimated three million such owners operate globally, typically managing finances across multiple entities and currencies.
Market context
Flex attributed the timing of its global expansion to regulatory and infrastructure developments over the past 18 months, including stablecoin legislation introduced in the US and Europe, and the shift of major payment networks from pilot projects to production use of stablecoin settlement. The company referenced Visa's stablecoin settlement volume reaching a multibillion-dollar annualised run rate, alongside an estimated doubling of real-economy stablecoin payment volume in 2025, most of it in business-to-business transactions.
Flex said it has surpassed USD 10 billion in annualised total payment volume, growing roughly fourfold year-on-year, alongside a nine-figure annualised revenue run rate. The company said its average customer uses four or more products on the platform, with construction, wholesale, and multinational businesses representing its three largest customer categories by logo count.
Flex's platform combines credit, banking, payment processing, bill pay, expense management, treasury, and finance-focused artificial intelligence tools, including an agent the company calls Beacon AI. Flex said it plans to expand further into global banking, personal credit and rewards cards, treasury, travel, and mortgage products over time.
