Flex has raised $70 million in funding to expand its private banking platform for high-net-worth business owners and launch new global financial services across more than 100 countries.
The Series B1 funding round was led by Halo Fund, co-founded by Ryan Smith and Ryan Sweeney, with other investors including Portage Ventures, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice, Florida Funders and several others.
The latest investment comes just six months after Flex raised $60 million in its Series B round in December 2025. Since then, the company said its annualised revenue has tripled as demand for its services grew.
With the new funding, Flex has raised a total of $180 million in equity and $300 million in debt. The company also plans to increase its workforce from 110 employees to more than 200 before the end of the year.
At the same time, Flex introduced Flex Global, a new platform designed for business owners who operate across several countries and currencies.
The service supports stablecoin payment rails and digital wallets in more than 100 countries, allowing cross-border payments to settle within minutes.
It also offers institutional US dollar accounts for foreign business owners, multi-currency accounts across 76 countries supporting 32 currencies, private credit services in more than 20 countries, and business cards that work across multiple entities and markets.
Zaid Rahman, chief executive officer and founder of Flex, said many business owners struggle because existing financial services separate their personal and business finances.
“Middle-market business owners are one of the most important and underserved customers in finance globally. Depending on the type of owner, they’ll tell you their vendors are spread across the US, Poland, Brazil, etc; their accounts hold currency outside of just USD; and they have to oscillate across 2-3 vendors and layers of fees just to do business outside their country.”
According to the company, about 350,000 high-net-worth business owners in the United States account for around 40% of private-sector payroll.
Globally, it estimates there are roughly three million business owners managing operations across multiple countries, currencies and legal jurisdictions.
Ryan Smith, co-founder of Halo Fund and owner of the Utah Jazz and Utah Mammoth, said Flex is addressing a long-standing gap in financial services.
“I’ve spent my career helping entrepreneurs win, and they all have the same problem: their business and personal financial lives are completely intertwined, but every bank treats them as two different customers, missing what they’re actually trying to build.
“Flex is the first team creating a real private bank around the owner and the entire household’s finances, and the gap they’re filling is just as real globally as it is in the US. Zaid and the team have built an enduring business that is becoming an institution for the world’s most ambitious owners.”
Flex said its platform has now surpassed $10 billion in annualised payment volume, representing roughly fourfold growth over the past year.
The company added that the average customer now uses at least four products on its platform, while its largest customer groups include construction firms, wholesale businesses and multinational companies.
Flex believes demand for faster international payments has increased as stablecoin infrastructure has become more widely adopted for business transactions.
Instead of asking customers to manage digital wallets, Flex said it hides the technology in the background, allowing business owners to make international payments in much the same way as domestic transfers.
Beyond payments, Flex plans to continue expanding its banking, private credit, treasury, travel, mortgage and rewards card services as it builds a single financial platform for business owners operating across global markets.
