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Flex gets $70 million to grow personal finance and business banking. July 16, 2026 Flex has raised $70 million in a new funding round. The money will help the company grow its business and build new tools for business owners. Flex is a business banking company based in California. It helps people manage both their business money and their personal finance in one place. The company also gives banking, payments, credit and accounting tools. Flex said it will use the new money to grow its team. It plans to increase its workers from 110 to more than 200 by the end of the year. The company also started a new service called Flex Global. This service lets users send and get money across many countries. It supports 32 money types and works in 76 countries. It also uses stablecoin technology in the background to help make payments faster. Customers do not need to know how the technology works. Flex says it now handles more than $10 billion in yearly payment volume. The company also says its business is growing four times faster than last year. With Flex Global, the company wants to compete with other business finance firms like Brex and Ramp. Flex hopes to become the main banking partner for business owners who work in many countries. The new funding shows that many investors believe Flex can keep growing. The company wants to make it easier for business owners to manage all their money in one simple place.

Flex raises $70 million to improve payments for high net worth business owners. * Business banking platform Flex raised $70 million in a Series B1 round to expand its business finance, payments, private credit, and ERP offerings while doubling its workforce. * The company also launched Flex Global, a cross-border banking service that combines multi-currency accounts, global payments, and stablecoin infrastructure to enable faster international money movement. * With Flex Global, Flex is positioning itself to compete more directly with Brex and Ramp by offering globally active businesses a unified platform that blends banking, payments, credit, and wealth management. The business banking space is heating up again. Business banking platform Flex landed $70 million in a Series B1 investment, boosting its total equity funding to $180 million and total debt funding to $300 million. Halo Fund lead the investment, which comes seven months after Flex's $60 million Series B round. Portage Ventures, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice, Florida Funders, Spice, and others also contributed. Halo's participation is especially notable, as its co-founders span the sports and entertainment space, bringing expertise in sports and entertainment distribution into audiences that include millions of successful middle-market business owners and entrepreneurs. With this round, Flex plans to expand across business finance, personal finance, payments, private credit, and ERP. The company will also use the funds to double the team size from 110 employees to more than 200 by year-end. Flex made its debut in 2022 to bring private banking to high net worth business owners. The California-based company offers banking, private credit, payments, billing, and accounting tools for businesses, as well as a business credit card that pays up to 5% cashback. The company's average customer uses four or more of these products on its platform. Flex has crossed $10 billion in annualized total payment volume and is currently growing 4x year-over-year. "I've spent my career helping entrepreneurs win, and they all have the same problem: their business and personal financial lives are completely intertwined, but every bank treats them as two different customers, missing what they're actually trying to build," said Halo Fund Owner Co-founder Ryan Smith. "Flex is the first team creating a real private bank around the owner and the entire household's finances, and the gap they're filling is just as real globally as it is in the US. Zaid and the team have built an enduring business that is becoming an institution for the world's most ambitious owners." Along with today's funding announcement, Flex is launching Flex Global, a service that brings together local currency accounts, cross-border payments, and stablecoins for always-on, fast funds transfers. The service is aimed to serve cross-border businesses by issuing global credit cards, leveraging stablecoin payment rails and wallets in 100+ countries, and offering institutional USD accounts for foreign business owners. Flex's multi-currency accounts support 32 currencies across 76 countries, enabling busineses to hold, send, and receive funds in the currencies they actually operate in. Flex's goal is to make the underlying payment rails invisible to customers by embedding stablecoin settlement into its private banking experience. Rather than requiring businesses to manage crypto wallets or navigate blockchain technology, Flex uses stablecoins behind the scenes to make international payments feel as seamless as domestic ones. "Middle-market business owners are one of the most important and underserved customers in finance globally," said Flex CEO and Founder Zaid Rahman. "Depending on the type of owner, they'll tell you their vendors are spread across the US, Poland, Brazil, etc; their accounts hold currency outside of just USD; and they have to oscillate across 2-3 vendors and layers of fees just to do business outside their country." Flex Global raises the competitive stakes for Brex and Ramp by expanding Flex beyond domestic banking, credit, and expense management into global financial infrastructure. Both rivals already support international cards and vendor payments, while Brex has also been developing stablecoin-based global transfers. Flex differentiates itself with its focus on middle-market business owners and its effort to combine cross-border payments, multi-currency accounts, credit, banking, and personal wealth management within a single private-banking relationship. That approach could help Flex compete less as another spend-management platform and more as the primary financial institution for globally active entrepreneurs.

Ryan Smith's Halo Fund backs Flex in $70 million round. July 14, 2026 Sandy, Utah - July 14, 2026 Utah entrepreneur Ryan Smith has made another high-profile venture bet. Halo Fund, the investment firm Smith co-founded with Accel partner Ryan Sweeney, has led a $70 million funding B1 round for San Francisco fintech Flex, pushing the AI-native private banking company to a $1.2 billion valuation just six months after its previous financing. The deal underscores Smith's growing influence beyond Utah's startup ecosystem. Since founding Qualtrics and assembling a sports empire that includes ownership of the Utah Jazz and Utah Mammoth, Smith has increasingly turned his attention to venture investing through Halo Fund, backing companies that sit at the intersection of technology, artificial intelligence and global scale. While Halo Fund is closely identified with Smith and Utah, Flex is headquartered in San Francisco, where it was founded in 2023 by CEO Zaid Rahman. The company is building an AI-powered private banking platform for high-net-worth business owners and also maintains a New York office. Utah-based Halo Fund, launched by Smith and Sweeney in 2025 with offices in Sandy, Utah, and Palo Alto, California, led the $70 million investment. The fund positions itself as more than a traditional venture firm, leveraging Smith's reach across technology, professional sports and entertainment to help portfolio companies accelerate growth. Flex, headquartered in the Ferry Building overlooking the San Francisco Bay, announced the financing today. Founded in 2023 by CEO Zaid Rahman, Flex is building what it describes as an AI-native private banking platform for high-net-worth business owners. Rather than treating business and personal finances separately, the platform combines banking, payments, credit, expense management, treasury and AI-powered financial tools into a single system designed for entrepreneurs whose businesses operate across multiple countries and currencies. The company plans to use the capital to expand Flex Global, a platform that allows business owners to move money across more than 100 countries using stablecoin-based payment infrastructure. The company says the service supports banking in 76 countries and 32 currencies, enabling international payments to settle in minutes rather than days. For Flex, the timing is notable. The company says annualized revenue has tripled since closing a $60 million Series B in December 2025, while annualized payment volume has climbed past $10 billion. In total, the company has now raised $180 million in equity and $300 million in debt financing. Smith said Flex addresses a longstanding problem facing entrepreneurs. "I've spent my career helping entrepreneurs win, and they all have the same problem: their business and personal financial lives are completely intertwined, but every bank treats them as two different customers," Smith said in a statement. For Smith, the deal further expands Halo Fund's portfolio of growth-stage technology companies and underscores Utah's continued influence in venture investing. Since selling Qualtrics and building one of the country's most prominent sports ownership portfolios, Smith has increasingly focused on backing companies that combine artificial intelligence with large, underserved markets. With Flex now valued at $1.2 billion and targeting global expansion, Halo Fund is betting that private banking for entrepreneurs could become one of fintech's next major growth categories. RECENT PRESS RELEASES July 14, 2026