Flex secures $20m in equity and $100m in debt funding as part of Series A round
US-based B2B fintech start-up Flex, formerly known as Flexbase, has secured up to $100 million in debt funding and $20 million in equity funding as part of its Series A round.
The debt funding came from Community Investment Management (CIM), while the equity capital was led by Florida Funders with participation from Home Depot Ventures, MS&AD Ventures, Companyon Ventures and others.
Along with the funding announcement, Flex has also launched its finance app catering to underserved small business owners, which includes a credit card (issued by Patriot Bank) as its core product, available to businesses in the US and Puerto Rico. By offering 0% interest for 60 days on all purchases, Flex aims to “reduce the hassle of expense reports, minimise administrative headaches, and simplify employee card management” for small businesses.
“While enterprises and modern tech companies have seen significant innovation in the last five years, very little has come to our main street small businesses that have been the backbone of this country, driving our economy forward,” comments Zaid Rahman, founder and CEO of Flex.
Rahman notes that most B2B fintechs tend to serve Silicon Valley tech startups or large enterprises, “neglecting small businesses that are struggling to find the credit and tools they need to effectively manage their finances”, which is where Flex steps in.
Alongside its credit card offering, Flex’s key features include Flex Banking with the option to open multiple free accounrs, earn up to 4% yield on idle cash and access debit cards issued by Thread Bank with 1% cashback, as well as treasury management services through partner ADM.
Flex was founded in 2020 and is based in Miami, Florida.