Flex, the innovative financial technology firm, has announced the successful completion of its $120m Series A debt and equity funding round.
The funding comprises a substantial debt financing agreement with CIM to provide up to $100m, while the remaining $20m is in equity capital.
The equity capital injection was spearheaded by Florida Funders, with significant involvement from Home Depot Ventures, MS&AD Ventures, Companyon Ventures, among other participants.
In tandem with this funding revelation, Flex has introduced its groundbreaking products: the Flex Credit Card, Flex Banking, and a comprehensive finance super app tailored to assist business owners in optimising their finance back offices and facilitating rapid business growth.
At its core, Flex is a pioneer in serving traditional small businesses, a segment often overlooked by mainstream financial institutions and budding FinTech entities. Their flagship offering, the Flex Credit Card, grants 0% interest on all transactions for a 60-day period. Further, the platform offers a holistic solution encompassing every facet of back-office functions, ranging from efficient banking services, receipt capturing, tailored employee cards with defined limits, meticulous expense monitoring, and more, consolidated into a singular interface.
Responding to a pressing demand from a diverse group of over 20,000 firms, Flex has expanded its horizons beyond its primary emphasis on the construction sector. Its clientele now spans various industries, including but not limited to logistics, trucking, farming, family-run service businesses, digital enterprises, e-commerce entities, dining establishments, and real estate.
Zaid Rahman, founder and CEO of Flex, expressed his views on the matter. He said, “While enterprises and modern tech companies have seen significant innovation in the last five years, very little has come to our main street small businesses that have been the backbone of this country, driving our economy forward.
“Most B2B FinTech companies serve Silicon Valley tech startups or large enterprise companies, neglecting small businesses that are struggling to find the credit and tools they need to effectively manage their finances. Flex’s new offerings focus on supporting small businesses by giving them the credit they deserve and providing the essential finance back office tools they need to achieve success.”
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