Flex raises $60M to bring private credit and finance tools into one stack for mid-sized businesses
Flex closed a $60 million Series B led by Portage Ventures, putting the company's valuation near $500 million, per a person familiar with the deal. The round lifts total equity raised to $105 million.
The company is zeroing in on what it calls "jumbo shrimps" - profitable mid-sized firms with $2 million to $100 million in annual revenue. This cohort is often overlooked by large fintech platforms and mostly served by regional banks.
Instead of building point solutions, Flex is bundling private credit, business finance, personal finance, and payments into a single platform. That positioning targets CFOs and owners who need capital, cards, and cashflow tools without stitching together five vendors.
"We have a very broad kind of product suite but an extremely narrow customer base," said founder and CEO Zaid Rahman. "Our customer base are a few hundred thousand jumbo shrimp business owners. These business owners touch 40% of American payroll."
Flex is addressing accuracy concerns by running AI outputs through financial experts before decisions and workflows hit production. Adoption is tracking up: the company says payments volume tripled to $3 billion over the last 12 months.
Flex is also launching an invite-only consumer card, Flex Elite, positioned against high-end offerings like the Amex Centurion. New funding will accelerate product development and hiring as the company scales beyond its current 80-person team.
Why this matters for finance leaders
- Consolidation over sprawl: One stack for credit, spend, payments, and personal finance reduces vendor overhead and data silos.
- Private credit access: Useful for owners who need flexible capital without a lengthy bank process - watch pricing, covenants, and reporting.
- Lean teams: Mid-market finance orgs often lack specialized roles; automation with expert checks can protect quality while saving hours.
- Controls and compliance: Human-in-the-loop review can lower model risk, but requires tight audit trails and clear accountability.
- Card strategy: Elite consumer card expansion could deepen wallet share with owner-operators who blend business and personal spend.
Key numbers
- $60M Series B led by Portage Ventures
- ~$500M valuation (per person familiar)
- $105M total equity raised to date
- $2M-$100M annual revenue target segment
- $3B payments volume in the last 12 months (3x growth)
- ~80 employees and hiring
What to watch next
- Underwriting performance and loss rates as credit scales.
- How quickly AI-assisted workflows move from review-heavy to trusted automation without quality slippage.
- Pricing, rewards, and perks on Flex Elite relative to top-tier cards.
- Bank partnerships, data integrations, and ERP connectors that reduce switching friction.
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