Flex, which offers personal financing software and payment infrastructures for business owners, has raised $ 25 million in equity funding while obtaining credit facility of $ 200 million, he exclusively told Techcrunch.
Capital funds have been lifted to an assessment of “just under 250 million dollars”. The company has raised a Series of $ 20 million has announced in September 2023.
Flex was officially trained in 2022 by CEO Zaid Rahman After having evolved from a construction platform (operating under the name of Flexbase Technologies) to a fintech for business owners. Business came out of stealth In September 2023 with a commercial credit card and a spending monitoring product. Today, Flex occurs as “an all-in-one financial platform for owners of intermediate market companies in order to manage their finances as long as the owner makes income, when he personally passes,” explains Rahman.
Rahman compares Flex’s offer to that of the Fintech Ramp and Brex giants, but focusing on business owners on the intermediate market who are also CEOs of their businesses rather than companies or startups supported by a company.
“Business owners tend to co-have their personal expenses and the company, their deposits and their payments, leading to accounting reconciliation problems and cash flow gaps,” said Rahman. “Our growth validates the demand of business owners for an all-in-one ecosystem that simplifies their finances.”
Flex, he said, serves more “financial co-pilot” for thousands of companies and their owners, such as the support of Shoreside, a logistics company; Freebird, a male grooming company; and Mod Partners, a construction company.
“All commercial entities and personal life are in a single dashboard,” Rahman told Techcrunch. “They can decide in the application which transaction company, which is personal. This can be complex from the point of view of software and compliance. »»
The average Flex customer achieves $ 25 million in income per year. Many startup customers say Rahman have gone from the American Express Centurion card, commonly known as “Carte Noire”.
Flex, he said, proposes things such as subscription to AI as well as the treatment of AI invoices and the management of expenses, which automatically ingests and plans invoice payments for owners.
His card too 0% interest For 60 days on all purchases.
Titanium Ventures led the round in stocks of $ 25 million in Flex, which included the participation of Companyon Ventures, Florida donors, MS & Ad Ventures, AAF Management and First Look Partners. Victory Park Capital provided the credit facility of $ 200 million.
In total, Flex obtained $ 45 million in equity and $ 300 million in credit facilities, debt exclusively funds its credit card offer, according to Rahman.
Flex mainly draws income from the transaction and exchange fees associated with its cards and payment products in addition to deposit products such as the bank. His personal platform is a subscription subscription.
While Rahman refused to reveal difficult income figures, he told Techcrunch that the company had exceeded $ 1 billion in total annualized payment volume (TPV) in 18 months after the launch of its card and invoice automation product. It increases by 25% of months in months currently and Rahman plans to grow “5x” income in 2025.
At the end of 2024, Flex had 64 employees, compared to 28 at the end of 2023. He plans to use his new capital in part to build an AI and B2B payment team in New York and San Francisco.
“Flex has found a large B2B market segment ignored by the two Innovators of Fintech B2B and major holders – companies belonging to owners,” said Yash Patel, general partner of Titanium Ventures, who joins the Flex board of directors.
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