AI-powered fintech startup Flex has raised $70 million in a funding round led by Halo Fund, the venture firm co-founded by Utah Jazz owner Ryan Smith and Accel partner Ryan Sweeney. According to a source familiar with the deal, the funding values the three-year-old company at approximately $1.2 billion, more than doubling its valuation from six months ago. To date, Flex has secured $180 million in equity and $300 million in debt to expand its services for mid-sized businesses.
Founded to serve companies generating tens to hundreds of millions of dollars in annual revenue, Flex aims to become a comprehensive financial platform by combining private credit, business banking, personal finance, payments, and AI-driven financial insights. CEO Zaid Rahman said the company targets a largely underserved segment of business owners who collectively manage a significant share of U.S. payroll and the global economy. Its AI assistant, Beacon AI, provides business owners with weekly financial analysis and recommendations.
Flex currently serves a few thousand customers and reports fourfold year-over-year growth with a nine-figure annualized revenue run rate. The newly raised capital will support international expansion, increased marketing efforts, and plans to more than double its workforce to over 200 employees by the end of the year. Alongside the funding announcement, the company also introduced Flex Global, a stablecoin-powered cross-border payment service enabling transfers to more than 100 countries within minutes while supporting holdings in 32 currencies.
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