Flex, a financial platform for business owners and their households, raised $70m in a Series B1 round led by Halo Fund, the company announced on 14 July 2026. Halo is the investment firm backed by Ryan Smith, the Qualtrics founder, and run with Ryan Sweeney, a general partner at Accel, The Next Web reported.
Portage Ventures, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice and Florida Funders also took part. Flex did not disclose a valuation. With this round it has raised $180m in equity and $300m in debt.
“Middle-market business owners are one of the most important and underserved customers in finance globally”Zaid Rahman, CEO and Founder, Flex
What Flex does
Flex combines payments, treasury, expense tools, private credit and personal finance in one platform, with the idea of acting as a private bank for the owner and the household. Its Beacon AI agent supports a back-office finance system.
The round supports the launch of Flex Global, which includes stablecoin payment rails and wallets in more than 100 countries, multi-currency accounts across 76 countries and 32 currencies, institutional US dollar accounts for foreign owners, private credit in more than 20 countries and cards for global businesses.
Growth figures
Flex said annualised revenue has tripled since its December 2025 Series B and is now in the nine figures. Annualised total payment volume is above $10bn and growing about fourfold year on year. The average customer uses four or more products, and construction, wholesale and multinational businesses are the largest categories by number of customers. All figures come from the company.
Zaid Rahman, founder and chief executive, said middle-market business owners are among the most underserved customers in finance globally.
Who invested
Ryan Smith, who owns the Utah Jazz and Utah Mammoth, said Flex is the first team creating a real private bank around the owner and the entire household's finances. The Next Web quoted him as saying owners' business and personal financial lives are completely intertwined and that every bank treats them as two different customers.
The earlier $60m round, which Flex called a Series B, closed six months before the new announcement, The Next Web said.
What the money is for
Flex did not itemise its spending. It said the funds support growth across business finance, personal finance, payments, private credit and ERP, alongside the Flex Global launch. The company has 110 employees and expects to pass 200 by the end of the year.
The investors
Halo Fund is the investment firm Ryan Smith set up last year, according to The Next Web. Smith owns the Utah Jazz and Utah Mammoth, and Sweeney is a general partner at Accel. The other investors named by Flex are Portage Ventures, Wellington, Crosslink Capital, 53 Stations, Titanium Ventures, Spice and Florida Funders.
With the new round, Flex has raised $180m in equity, and it also reported $300m in debt, which it did not break down.
Company website: flex.one