Summary
Flex, a fintech targeting high-net-worth business owners, raised $70 million in a Series B1 round led by Halo Fund (Ryan Smith, owner of Utah Jazz), doubling its valuation to $1.2 billion in six months. The company simultaneously launched Flex Global, a stablecoin-powered cross-border payment service supporting multi-currency accounts in 76 countries and stablecoin wallets in over 100 countries.
Flex, founded in 2022 by Zaid Rahman, started as a business credit card and expense tracker and has expanded into a full financial platform covering payment automation, expense management, credit cards, and banking for both business and personal accounts. The company has crossed $10 billion in annualized total payment volume and has raised $180 million in total equity and $300 million in total debt. Flex plans to double its headcount from 110 to 200 by year-end and expand into global banking, personal credit, treasury, travel, and mortgage offerings.
Key Facts
- $70M Series B1 at $1.2B valuation (2x from December 2025's $60M B round)
- Led by Halo Fund (Ryan Smith, Utah Jazz owner); returning investors: Portage Ventures, Crosslink Capital
- Launched Flex Global: stablecoin-based cross-border payments
- Multi-currency accounts: 76 countries; stablecoin wallets: 100+ countries
- Private credit services: 20+ countries
- $10B annualized total payment volume
- $180M total equity, $300M total debt raised
- 110 employees, targeting 200 by year-end
- Sponsor banks: Column Bank, Lead Bank, Thread Bank
- Top customer verticals: construction, wholesale, multinational businesses
- PitchBook analyst: "Stablecoin adoption is inevitable in global business banking"
Why It Matters
Flex represents a new category of fintech — the "private bank for business owners" that bridges personal and commercial finances. The launch of Flex Global using stablecoin rails is a direct bet that cross-border business payments are the killer app for stablecoins outside of crypto trading. The rapid valuation growth (2x in 6 months) and $10B TPV signal strong product-market fit in the underserved mid-market business segment.