Business finance platform Flex secures $25m equity round and $200m credit facility
B2B finance platform Flex has raised $225 million, including a $200 million credit facility from Victory Park Capital, and a $25 million equity round led by Titanium Ventures.
US fintech Flex raises $225m in mix of equity and credit
The equity round drew additional participation from Companyon Ventures, Florida Funders, MS&AD Ventures, AAF Management and First Look Partners, and builds on a $20 million Series A closed in 2023.
As part of its leadership of the round, Titanium Ventures’ general partner, Yash Patel, has joined the fintech’s board of directors.
Based in Miami, Florida, Flex provides a platform through which businesses, particularly those without in-house finance teams, can “manage their entire financial lives…from the moment they generate business revenue to the moment they spend their earnings personally”, according to CEO Zaid Rahman, who founded the company in 2022.
With this, the platform provides business banking and expense management tools, credit cards (issued by Patriot Bank), and AI-powered accounts payable (AP) automation services to over 180 countries.
In a statement, the company confirms that its latest capital raise will be used to build out both its AP function, as well as a consumer arm, which is expected to mirror the capabilities of its business services for owners’ personal finance initiatives. Details of how this arm will be developed have not been disclosed.
At the same time, Flex also lists an accounts receivables (AR) automation service as “coming soon” on its website. This incoming feature is expected to include tools for creating and sending invoices, and reconciling and collecting revenue.
Flex has spent the last year preparing for this growth by broadening its leadership team, which now includes general counsel and chief compliance officer, David Toro, formerly of Parafin and Capital One; chief risk officer Vishal Saxena, who formerly held risk leadership positions at Citi, Capital One and Barclays; and head of product, Jared Thomas, previously with Carta.
