Flex, which offers personal finance software and payment infrastructure to business owners, has raised $ 25 million in net capital funds while providing a $ 200 million credit structure, Techcrunch exclusively told.
Capital funds gathered with an estimate of “just less than $ 250 million”. The company last collected a $ 20 million series announced in September 2023.
Flex was formally formed in 2022 By CEO Zaid Rahman After evolution from being a building platform (operating under the name Flexbase Technologies) at a Fintech for business owners. The company came out of the theft in September 2023 with a business credit card and the product to follow the expense. Today, Flex Market itself as “a comprehensive financial platform for middle market business owners to manage their finances from the time the owner earns income, until they personally spend it,” Rahman says.
Rahman compares Flex’s offer to that of Fintech Giants RAMP and Brex, but focusing on medium market business owners who are also CEO of their companies as enterprises or beginnings supported by the enterprise.
“Business owners tend to unite their personal and business expenses, deposits and payments, leading to accounts of accounting and cash flow gaps,” Rahman said. “Our growth certifies the demand from business owners for a comprehensive ecosystem that simplifies their finances.”
Flex, he said, serves as more from “a financial co-house” for thousands of businesses and their owners, such as Shoreside Support, a logistical company; Freebird, a male company for grooming; and mod Partners, a construction business.
“All business entities and personal life sit on a single dashboard,” Rahman explained to Techcrunch. “They can decide in the application which transaction business, which is personal. This can be complex from a software perspective and compliance.”
The average Flex customer earns $ 25 million income per year. Many of the starting clients, Rahman claims, have passed from the American Express Centurion card, commonly known as “Black Card”.
Flex, he said, offers such things as signing him, as well as managing his bills and spending management, which automatically consume and set payments to the owners.
Its card also offers 0% interest for 60 days for all purchases.
Titanium Ventures led the $ 25 million capital round of Flex, which included participation from Companyon Ventures, Florida Funders, MS & AD Ventures, AAF Management and First Look Partners. Victory Park Capital secured $ 200 million credit facility.
In total, Flex has provided $ 45 million in capital and $ 300 million in credit facilities with debt exclusively funding credit card offer, according to Rahman.
Flex mainly makes income from transaction fees and exchange associated with its cards and bill payment products in addition to deposit products such as banking. Her personal platform is a membership in reconciliation.
While Rahman refused to discover the difficult income figures, he told Techcrunch that the company exceeded $ 1 billion in the total volume of annual payments (TPVs) in 18 months after its starting card and its card automation product. It is growing 25% months during the month currently and Rahman expects to increase revenues from “5x” to 2025.
At the end of 2024, Flex had 64 employees, from 28 years old at the end of 2023. He plans to use his new capital in part to build a payment team he and B2B in New York and San Francisco.
“Flex has found a segment of the large B2B market ignored by both innovators in B2B Fintech and large duties-ownership-owned business,” said Yash Patel, partner general in Titanium Ventures, who is joining the Board of Flex directors.
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