Flex, a private bank for high-net-worth middle-market business owners, recently pulled in a $60 million Series B funding round led by Portage. The raise follows a period of growth for the company as it works to help its customers run both their business and personal finances in one place.
The company is building AI agents into its product ecosystem to streamline internal operations and customer experiences. Its product strategy covers private credit, a business finance stack, a personal finance stack, payment solutions and enterprise resource planning. Flex’s revenue has increased fourfold, and its annualized total payments volume has grown from $1 billion to $3 billion over the past 12 months. The company has secured $105 million in venture funding to date.
This new injection of capital coincides with the launch of the company’s Flex Elite offering, an invite-only consumer card and membership designed to compete with Amex Centurion as a private banking solution.
