Flex Raises $225 Million for Finance Platform for Business Owners
Flex raised $225 million in debt and equity funding to continue building its platform that manages business owners’ transactions, both business and personal.
“We bid farewell to the days owners had to reconcile personal and business income, spend and accounting,” the company said in a Wednesday (March 5) post on LinkedIn. “Gone are the days of one-size-fits-all underwriting and manual invoice processing.”
The Flex platform offers access to business banking, expense management and a credit card, as well as accounts payable (AP) automation features like bill pay, global payments and pay by card for vendor payments, according to its website.
The company plans to add accounts receivable (AR) automation capabilities like invoicing, reconciliation and revenue collections, the website said.
Its current offerings include flexible credit limits, transparent pricing and artificial intelligence (AI)-powered financial operations solutions, per the website.
Flex now manages more than $1 billion in annualized payment volume, according to the LinkedIn post.
The company’s funding round was led by Titanium Ventures and Victory Park Capital Advisors, per the post.
Titanium Ventures said in a Wednesday post on LinkedIn that Flex’s finance super app is “revolutionizing SMB finance.”
“Flex’s vision to consolidate disparate financial services into a seamless super-app addresses a critical pain point, empowering SMBs to optimize cash flow and focus on growth,” the company said in the post.
Victory Park Capital said in a Wednesday post on LinkedIn that its $200 million credit facility with Flex will allow the FinTech company to accelerate the buildout of its payments infrastructure and software.
“We believe in Flex’s mission to provide efficient, streamlined tools to help owners more easily manage their finances and ultimately expand their business,” Victory Park Capital Partner Kinan Hayani said in the post.
A single finance app — a single point of access and insight consolidating the back office onto a platform — can help address the specific pain points confronting small and medium-sized businesses (SMBs), while helping them scale, Flex CEO Zaid Rahman told PYMNTS in an interview posted in September 2023.
“When you combine all of these things, we become a ‘single place’ for your business wallet,” Rahman said.
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