Flex, an artificial intelligence startup aiming to consolidate financial services for mid-sized business owners, has announced a $60 million Series B funding round led by Portage Ventures. The funding values the company at approximately $500 million, according to sources familiar with the deal, bringing Flex’s total equity raised to $105 million.
Flex aims to be a comprehensive solution for profitable businesses earning between $2 million and $100 million annually. The company combines private credit, business finance, personal finance, and payment tools into a single platform, targeting a segment often underserved by traditional fintech platforms and regional banks. Flex aims to simplify financial management for businesses lacking extensive finance teams.
According to founder and CEO Zaid Rahman, the company focuses on a select customer base of several hundred thousand businesses, collectively managing a substantial portion of American payroll. The company is also launching Flex Elite, an invite-only consumer card, to compete with offerings like the Amex Centurion.
Flex intends to use the new capital to accelerate product development and expand its client base by increasing its team of 80. Despite general doubts about AI adoption, Flex seeks to minimise inaccuracies by ensuring AI outputs are reviewed by financial experts. The company’s tools, including a business credit card, have contributed to tripling its payments volume to $3 billion in the past year.
