The funding announcement follows the company’s launch of its Flex Credit Card, Flex Banking, and finance super application. The product was developed in order to provide business owners, founders, and CFOs with the possibility to streamline the finance back office of companies, as well as to accelerate their development procedure.
The Series A debt and equity funding round was led by CIM (USD 100 million) and Florida Funders (USD 20 million), with other companies also participating in the investment.
Flex’s core solution represents a credit card that was designed to cater to traditional small businesses that have been underserved by financial institutions, as well as up-to-coming fintech platforms. Moreover, the company offers partners and customers its credit card and a financial ecosystem in order for them to reduce the hassle of expense reports, simplify employee card management, minimise administrative challenges, and accelerate the growth process.
The service also incorporates multiple aspects of the back office procedures, including banking to receipt capture, expense tracking, employee cards with specific limits, and more.
Following this funding round, customers will be enabled to benefit from the company’s Flex Credit Cards, while also having access to unlimited employee physical and virtual cards. The products come with 0% interest for 60 days for each purchase that users make, as well as category and spending limits in order to manage business spending in real-time, without slowing down its development process.
By using the products offered by Flex, clients will have no monthly or manual maintenance fees, as well as no late fee charges. The credit limits grow as a business grows as well, their number being obtained depending on the number of customers that use Flex.
The Flex Credit Cards are currently available to businesses that operate within the United States (except certain regions at launch, such as CA, NV, SD, ND, and VT), and Puerto Rico.
The Flex Treasury Management solution was designed to allow companies to diversify cash across several financial institutions, as well as to eliminate bank-run risks. By using this service, Flex customers will be enabled to accept up to USD 75 million in FDIC/NCUA insurance. Furthermore, funds will be spread across up to 400 FDIC-issued financial institutions, aiming to maximise the overall FDIC/NCUA insurance.
Clients will also be given the possibility to use Flex’s Banking service. This solution was designed to enable businesses to manage cash all from one place, with no annual, monthly, or late fees. Wire transfers, ACH, and insufficient fund fees are also eliminated.
Moreover, Flex’s debit cards will offer clients 1% cashback on transactions, while also allowing businesses to have several free accounts under one entity for improved agility and security.
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