Flex, previously recognised as Flexbase, has made waves in the FinTech sector by successfully securing a hefty $120m in its Series A debt and equity funding round.
This substantial sum comprises debt financing courtesy of CIM, which has agreed to pour in up to $100m, complemented by a $20m equity injection. Florida Funders took the lead in the equity aspect, with additional financial support from notable entities like Home Depot Ventures, MS&AD Ventures, Companyon Ventures, among others.
In tandem with this financial milestone, Flex has embarked on a new journey by launching the Flex Credit Card and an integrated finance super app. This app is meticulously designed to revolutionise the finance back office operations of businesses, setting them on a rapid growth trajectory.
At its core, Flex is endeavouring to bridge a glaring gap in the market. Over the past five years, significant technological advancements have graced enterprises and modern tech firms. However, the small businesses, often hailed as the economic backbone of nations, haven’t witnessed the same.
A majority of B2B FinTech solutions predominantly cater to Silicon Valley’s tech startups or mammoth enterprise corporations, leaving small businesses in a lurch. Flex’s latest offerings are a breath of fresh air for these enterprises, equipping them with deserving credit lines and indispensable financial back office tools to unlock success.
Hadi Solh, Flex’s co-founder, provided insights into the uniqueness of their latest offering, highlighting that, until now, no platform could amalgamate all financial services and processes vital for nurturing, managing, and safeguarding the finances of business owners under a single umbrella. Flex’s innovative approach encapsulates all these services in one holistic app, setting a new benchmark in the FinTech domain. He expressed enthusiasm about unveiling even more pioneering offerings in the near future.
Flex doesn’t merely offer a credit card; it’s crafting a financial ecosystem that transcends conventional boundaries. They offer an array of services, from seamless banking and receipt capture to strategic employee card management, all harmonised in one platform. Given its expansive appeal, Flex has diversified its service, extending its reach to a myriad of industries, ranging from logistics and real estate to e-commerce.
Florida Funders’ partner, Saxon Baum, extolled Flex’s innovative approach, emphasising how the company is redefining business finance. He expressed immense pride in investing in such a trailblazing FinTech entity and anticipates witnessing its exponential growth in the future.
Jeff Hilton, managing director of CIM, shared his enthusiasm about the prospects of Flex in reshaping the small business landscape by offering credit and cash flow management solutions tailored to their unique needs. He anticipates a robust, continued partnership with Flex in their journey to innovate cash flow management solutions.
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