- Key insight: Flex, a fintech for high-net-worth business owners, raised another $70 million and is launching a stablecoin-based international payment settlement service.
- Supporting data: Flex's reported valuation has more than doubled in six months to $1.2 billion, and it has raised $180 million in total equity and $300 million in total debt.
- Expert quote: PitchBook's Rudy Yang says stablecoin adoption is "inevitable" in global business banking.
Flex, a fintech that lets high-net-worth business owners manage their personal and business cash flow in one place, is launching a global banking service built on stablecoin payments.
The fintech announced on Tuesday that it has raised $70 million in what it calls a Series B1 round. A company spokesperson told American Banker that Flex's valuation has more than doubled in six months since its December 2025 B round, to $1.2 billion. That Series B raised $60 million for the company.
Flex also announced the launch of its global business banking service called Flex Global, which will use stablecoin rails to settle cross-border transactions for its users.
"Middle-market business owners are one of the most important and underserved customers in finance globally," said Flex founder and CEO Zaid Rahman. "Depending on the type of owner, they'll tell you their vendors are spread across the U.S., Poland, Brazil, etc; their accounts hold currency outside of just U.S. dollars; and they have to oscillate across two to three vendors and layers of fees just to do business outside their country."
Flex, owned by Flexbase Technologies, was founded in 2022 and emerged from stealth in September 2023 with a business credit card and expense tracker. It now offers a full range of financial products including payment automation, expense management, credit cards and banking for both business and personal accounts.
The fintech's sponsor bank partners include Column Bank, Lead Bank and Thread Bank, according to a company spokesperson.
Flex's three largest business categories by logo count are construction, wholesale and multinational businesses. Flex Global supports multi-currency accounts for 76 countries and stablecoin wallets for over 100 countries, according to a company statement. It also purports to offer private credit services in over 20 countries.
Rudy Yang, senior fintech analyst at Pitchbook, told American Banker that stablecoin adoption is "inevitable" in global business banking.
"Using stablecoins to reduce cross-border friction and optimize operations creates cost advantages that are too sticky to ignore," he said.
Flex has now raised $180 million in total equity and $300 million in total debt. The company plans to use the funding to expand its global banking, personal credit and rewards cards, treasury, travel and mortgage offerings, as well as double its team size from 110 employees today to around 200 by the end of the year.
The fintech has also crossed $10 billion in annualized total payment volume, according to a company statement. The fintech had previously crossed the
Ryan Smith, co-founder of Halo Fund and owner of the Utah Jazz and Utah Mammoth sports teams (basketball and ice hockey, respectively), led the Series B1 funding round as a strategic investor.
"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," Smith said in a statement. "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 U.S."
