Flex, an AI-native bank for high-net-worth (HNW) people, this week announced a $60 million Series B funding round led by Portage with participation from CrossLink Capital, Spice Expedition, Titanium Ventures, Wellington, Companyon Ventures, Florida Funders, FirstLook Partners, Tusk Venture Partners and others, bringing its total equity funding to $105 million. This latest $60M equity round follows Flex’s $200 million debt and $25 million equity raise announced earlier this year.
The timing aligns with Flex’s upcoming launch of Flex Elite, their new invite-only consumer card and membership. Designed as a direct competitor to Amex Centurion, Flex Elite extends the company’s strategy to become the private bank for middle-market business owners, giving them a unified system that spans every dimension of their financial lives.
Traditional fintech platforms have focused either on micro-businesses or sophisticated enterprises. Flex serves the segment in between—the high net worth middle-market business owner generating $3 million to $100 million in revenue, collectively employing roughly 40% of the American payroll. These owners are financially sophisticated and often manage their companies alongside significant personal assets, yet have no modern platform that supports the full lifecycle of their money.
Flex is building the category-defining company solving this gap for HNW business owners with a five-pillar strategy built around private credit, a business finance stack, a personal finance stack, payment solutions, and an ERP built for middle market businesses. These customers now use an average of four or more Flex products.
The company is building AI agents across every product pillar to streamline both its internal operations and customer experiences—like credit underwriting agents to deeply understand every business, expense agents, payment workflows, cash management agents, and back-office ERP agents into a single “motherboard” for business owners. The vision is to provide every business owner with a team of high-quality finance agents to run their back office like an enterprise. This AI-driven architecture not only improves customer experience but also drives a structurally lower cost base for Flex, enabling it to operate with a lean headcount. In turn, Flex delivers AI-powered Owner Insights, transforming the data generated from customer activity into a beautiful, intuitive experience that positions Flex as their “AI CFO.”
Supporting this foundation is the company’s private credit arm. With its agentic underwriting system, Flex can price risk with greater precision and offer a true one-stop shop for all credit needs typically underserved by traditional banks, asset managers and larger enterprise-focused fintechs. This vertically integrated capital engine creates a powerful defensibility loop: as the company originates more volume, customers adopt more of its financial products across their lives, making its risk models smarter and improving its unit economics.
The Business Credit Card, which provides a 60-day float on every transaction, has been a major driver of adoption, acting as the wedge into deeper financial operations. Once owners experience the benefits of the Flex Credit Card, they often go on to adopt banking, payments, working capital, and expense management tools to replace fragmented legacy systems. This integrated model has allowed the company to scale with high efficiency and has created a strong foundation for its expansion into personal finance.
“Our mission is to build the private bank ambitious business owners have always deserved,” said Zaid Rahman, founder and CEO of Flex. “Middle-market business owners employ 40% of Americans, but the financial system has never been designed around their complex needs. Flex is the first platform that supports every step of their financial lives, from the moment they earn revenue to the moment they spend it personally. Unlike many of our fintech peers who focus on saving large enterprises money, we focus on helping ambitious owners make more money.”
The momentum is supported by broader market trends indicating consolidations of financial tools, simpler workflows, integrated credit, and unified visibility across business and personal lines. However, personal finance products for HNW individuals have remained largely unchanged for decades. Flex is bridging that gap with a unified system that reflects how these owners actually operate in both their business and personal lives.
“Flex is building a category-defining financial institution,” said Jake Bodanis, partner at Portage. “The company has proven that middle-market business owners are both massively underserved and extremely valuable customers when given the right financial infrastructure. Its hypergrowth and best-in-class capital efficiency speak to how powerful this model is.”