Flex Doubles Valuation to $1.2bn With $70m Series B1, Launches Stablecoin-Powered Global Banking Service
Flex Doubles Valuation to $1.2bn With $70m Series B1, Launches Stablecoin-Powered Global Banking Service #
Flex, an AI-native private banking platform for high-net-worth middle-market business owners, has raised $70 million in a Series B1 round led by Halo Fund, seven months after closing its previous $60 million Series B. According to the company, the deal doubles Flex’s valuation to approximately $1.2 billion and brings its total equity raised to $180 million, alongside $300 million in debt.
Halo Fund was co-founded by Ryan Smith, the Qualtrics founder who also owns the NBA’s Utah Jazz and the NHL’s Utah Mammoth, and Ryan Sweeney, a general partner at Accel. Portage, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice and Florida Funders also participated. Flex says its annualized revenue has tripled since December 2025 and now exceeds nine figures.
The new capital will fund the launch of Flex Global, a stablecoin-powered banking service now available in more than 100 countries. The platform lets business owners hold multi-currency accounts and transfer money internationally within minutes, using stablecoins as a backend settlement rail while keeping the mechanics invisible to end users.
Flex serves a segment between consumer banking and large-enterprise finance. Founder and chief executive Zaid Rahman describes the target customer as a business generating between $3 million and $100 million in annual revenue, one that is simultaneously its own finance department and its owner’s primary source of wealth. The company estimates there are around 350,000 such owners in the United States, accounting for roughly 40% of private-sector payroll, and approximately three million globally.
One of its primary U.S. products is a net-60 charge card that grants owners 60 days of interest-free float, aimed at sectors such as construction where clients routinely pay late. Flex says AI-assisted underwriting, drawing on bank accounts, ERP systems and vertical tools, has cut credit-decision turnaround from 40 to 50 days down to two days, compared with a reported industry average of 90 days at traditional banks.
Flex was founded in San Francisco in 2023 by Rahman, a Thiel Fellow and Columbia dropout who previously built AI learning-tools company Volley. The company plans to more than double its headcount from 110 to over 200 employees by the end of the year and expand across business finance, personal finance, payments, private credit and ERP integrations.
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