Flex, the AI-native private banking platform for high-net-worth business owners in the middle market, has secured a $70m Series B1 round to power the launch of Flex Global, its new cross-border banking offering.
The round was led by Halo Fund, the investment vehicle co-founded by Qualtrics founder and Utah Jazz and Utah Mammoth owner Ryan Smith alongside Accel general partner Ryan Sweeney. Portage Ventures, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice and Florida Funders were among the other participants.
The raise arrives only months after Flex closed a $60m Series B in December 2025, during which time annualised revenue has tripled. Total equity raised now stands at $180m, alongside $300m in debt to fund expansion across business finance, personal finance, payments, private credit and ERP.
Halo Fund brings more than capital to the table. Its sports and entertainment platform spans the NBA, NHL and Formula 1, giving Flex distribution into an audience of millions of middle-market business owners and entrepreneurs, many based well outside Silicon Valley. These are precisely the customers Flex Global is designed to reach. The company also plans to nearly double its headcount, growing from 110 employees today to more than 200 by the end of the year.
Flex Global itself tackles a structural gap in financial services. According to the company, roughly 350,000 high-net-worth business owners in the US help drive 40% of private-sector payroll, while an estimated 3 million exist worldwide, almost all of them operating across multiple entities, currencies and jurisdictions.
The new offering includes stablecoin payment rails and wallets in more than 100 countries with cross-border settlement in minutes, institutional USD accounts for foreign business owners, multi-currency accounts spanning 76 countries and 32 currencies, private credit in over 20 countries, and cards issued to businesses operating across entities and geographies. Crucially, customers never interact with a wallet; stablecoin settlement sits invisibly beneath the private-banking relationship.
Flex is built around five pillars: private credit, a business-finance stack, a personal-finance stack, payments, and an agentic back office finance operating system for middle-market firms. Its platform currently combines credit, banking, payment processing, bill pay, expense management, treasury and enterprise finance AI agents, including Beacon AI. Future plans cover global banking, personal credit and rewards cards, treasury, travel and mortgage products.
The business has now surpassed $10bn in annualised total payment volume, expanding roughly 4x year-over-year at a nine-figure annualised revenue run rate. The average customer uses four or more products on the platform, and its three biggest business categories by logo count are construction, wholesale and multinational businesses.
The company argues the timing reflects a shift over the past eighteen months, as stablecoin legislation in the US and Europe matured, major payment networks moved from pilots to production, and real-economy stablecoin payment volume roughly doubled in 2025, most of it B2B.
Flex CEO and founder Zaid Rahman said, “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.”
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